Louisville Property Division Lawyer

Property Division Attorney in Louisville, KY

A key aspect in any Louisville divorce is the topic of property division. Whether you own a home in St. Matthews or have retirement or investment accounts in Glenview, you need to hire a Louisville property division lawyer who can assist you through this crucial step in your divorce. In some cases, couples may reach agreements on their own regarding marital property, but in other cases, they will need to look to the court system to make this determination for them.

Divorce is never an easy process, and property division can be one of the most difficult aspects of it to navigate. Property division is not just about splitting possessions; it’s about acknowledging your emotional ties to them while striving for a fair outcome. At Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC, we understand the complexity and sensitivity required to walk this fine line.

Based in Louisville, we are an award-winning law firm with a rich history of serving our neighbors. Our attorneys have over six decades of combined experience and are driven by four core values: elite advocacy, personalized attention, compassionate wisdom and stellar customer service. When you choose to work with us, we will apply these values on your behalf.

About Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC

For the last three decades, the team at Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC, has been assisting clients through the various difficulties of their divorce in Jefferson County and throughout the state. We have handled countless cases in Kentucky courtrooms and are ready to put that experience to use when advocating for your rights and interests during the division of all marital property.

At our firm, we pride ourselves on offering compassionate support and experienced legal advocacy to all of our clients. Over the years, our team has garnered several awards and accolades that only speak to our service. Our team is led by Fellows of the American Academy of Matrimonial Lawyers, and we are members of the Louisville Bar Association, the Kentucky Bar Association, and the Brandeis Society.

Understanding Property Division in Louisville

Kentucky reflects a divorce rate of 2.9 cases per 1,000 residents. Traditionally, the Bluegrass State reflects a divorce rate that’s higher overall than the national average. Yet, recently the Wall Street Journal found that our state’s rate of divorce sunk by about 25%.

While approximately 73% of couples with property valued at $500,000 or higher have prenuptial agreements in place, many others do not, and property division issues can arise due to that lack of protection. Even for couples with prenuptial agreements, the topic of property division in a divorce can be fraught with tension, and an attorney’s help can become crucial.

Kentucky operates under the rules of equitable distribution when it comes to divorce and property division. This means that when a couple is unable to reach an agreement on their own regarding the division of their marital property, they must look to the courts for assistance. The court will divide the property fairly, but not necessarily in a perfect, 50/50 split.

It is important to keep in mind that only marital property will be subjected to an equitable distribution, and any property deemed separate property will not be included in the division process.

Separate (or “non-marital”) property is any property that was acquired by one spouse before the marriage and any gifts or inheritances that were given to one spouse during the marriage.

Marital property includes any property that was acquired by either spouse during the marriage or any property that gained value because of spousal contributions during the marriage.

In a Louisville property division case, marital property can include:

• Any home furnishings
• Art collections
• Stocks and bonds
• Real estate holdings, including vacation homes, timeshares, and rental properties
• Vehicles, including any boats, motorcycles, or other recreational vehicles
• The family home
• Private practices, such as a medical or legal practice
• Retirement assets or investments
• Business interests, such as ownership or partnership

The attorneys at Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC, are here to review all of the property held between you and your spouse and help determine what you are entitled to and which assets of yours are protected.

Factors Determining Kentucky Property Division

While Kentucky is a “no-fault” state, meaning that neither party needs to prove any wrongdoing to pursue a divorce, there are certain factors that may be present in a case that will impact the way in which property is divided. In a property division case, the courts will likely take the following factors into consideration:

• The duration of the marriage
• The value of the property that has been set aside for each spouse
• The financial circumstances of each spouse
• How each spouse contributed to the marriage and to the collection of assets and property during the marriage, including whether either spouse stayed home to take care of the household and children
• The future needs of each spouse
• How the property division will impact any minor children still living at home
• The employment situation of both spouses
• Any methods of improper spending by either spouse during the marriage, such as an excessive gambling habit, or excessive spending and debt

Mistakes to Avoid in a Property Division Case

Just like in any other family law case, there are certain mistakes that can be made during the property division process that can potentially harm your position. We can help you avoid common mistakes, including:

• Misunderstanding what property is considered marital or separate (“non-marital”) in a Louisville divorce case
• Trying to hide assets from your spouse or from the courts, as this can only hurt your case and lead to serious consequences
• Ignoring debts that are shared between you and your spouse, as these will also be divided during a divorce
• Letting your emotions guide you, as you may want to hold on to high-maintenance assets that you may not be able to take care of following your divorce
• Forgetting about retirement accounts, such as pensions, 401(k)s, and IRAs, during the division of property
• Overlooking possible tax implications, such as capital gains taxes or penalties if withdrawing certain funds too early from specific accounts
• Rushing through the process and not getting the assets you are entitled to
• Not valuing assets in the proper manner, which could see certain assets undervalued and place you at financial risk

How Does Property Division Work In Kentucky?

Kentucky law seeks fairness, though not necessarily equality, in property division. The term for this is “equitable distribution,” and it is a principle that guides our counsel as we represent you. We strive to ensure your marital assets and debts are divided fairly.

Understanding the difference between marital and separate property is crucial. Marital property includes assets and debts acquired during your marriage, while separate property is what you brought into the marriage or received individually, such as an inheritance. We can help you identify and categorize your property to protect your interests.

Sometimes, separate property becomes mixed with marital property. This is called commingling, and it can complicate the division of your assets. We are adept at establishing the ownership of your assets and arguing for their proper classification to ensure a fair division.

Frequent Challenges In Property Division

Dividing marital property in a divorce can be a contentious and intricate process. As an equitable distribution state, Kentucky courts seek to divide property fairly, which does not always mean equally. Distributing marital assets can pose challenges like:

• Hidden assets: Uncovering undisclosed bank accounts, cryptocurrency holdings or offshore investments may be challenging, yet it is essential to ensure equitable distribution.
• Sentimental items: Disputes over heirlooms, family photos and collectibles often arise due to their emotional significance, which is hard to assign a monetary value.
• Complex financial portfolios: Dividing stocks, retirement accounts and real estate can also be difficult, often benefitting from professional evaluation to prevent inequitable outcomes.

To navigate these and other property division challenges effectively, it is crucial to work with an experienced attorney, especially in a high-asset divorce. We can launch a thorough investigation into assets and liabilities in your divorce case and negotiate terms that serve your needs and align with Kentucky’s marital property laws.

Property Division In High-Asset Divorces

High net worth divorces bring unique complexities, typically requiring personalized strategies. The division of assets such as multiple real estate properties, luxury items (yachts, fine art, etc.) and business interests demands precision.

Accurate valuations are essential, as undervaluing assets could lead to an unbalanced settlement between spouses. Additionally, high-value cases frequently involve international assets that require a deep understanding of jurisdictional issues and tax implications.

Due to the intricate nature of high-asset divorces, it is paramount to engage a divorce attorney well-versed in Kentucky’s family law statutes. They can facilitate full compliance with disclosure requirements, safeguard your interests and help secure a fair outcome.

How Can You Protect Your Assets During A Divorce?

If you are concerned about asset protection, several proactive strategies can safeguard your financial future during a Kentucky divorce.

Prenuptial and postnuptial agreements serve as powerful tools that can fairly outline asset division in advance, helping reduce uncertainty in the event of a separation. Establishing clear financial records and maintaining individual accounts can also minimize disputes regarding asset ownership.

Taking these steps early can reduce the risk of insurmountable conflict and help to ensure a more streamlined asset division process. Collaborating with our experienced team can be instrumental in tailoring asset protection strategies to your specific circumstances.

Hire a Property Division Lawyer Serving Kentucky and Southern Indiana Today

When dealing with the division of marital property during a Louisville divorce, you want to hire a property division lawyer you can trust. We are here to guide you through the property division process with compassion and a commitment to achieving an outcome that fits your circumstances. You can discuss your property division concerns with us during an initial consultation.

At Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC, our award-winning service and track record of success speak for themselves, and we are ready to put this experience and excellence behind every aspect of your divorce case. Contact our offices today to learn more and schedule your initial consultation.