Marital Assets and Debts

Kentucky and Indiana are both no fault, equitable division divorce states. In every divorce, the parties’ marital assets and marital debts will be equitably divided, without consideration to the cause of breakdown of the marriage. Marital property includes all assets acquired during the marriage, that are not considered pre-marital or non-marital, regardless of how the property is titled or whose income paid for the asset. As part of their divorce case, parties will exchange financial information to establish a comprehensive picture of all the assets that are subject to division. Following the disclosure of assets, the marital estate will be equitably divided either by agreement of the parties following settlement negotiations or mediation, or by the Court following a divorce trial.   

In addition to dividing marital assets, the divorce process involves division and allocation of marital debts. Distribution of marital debts will take multiple factors into consideration, including when the debt was incurred, who incurred the debt and who benefited from the debt. 

Contact your Louisville Family Lawyer today for a free consultation to discuss the division of marital assets and debts in your divorce and make sure your rights are protected. 

Pre-Marital and Non-Marital Property

While all marital assets are subject to equitable division in divorce actions, pre-marital and non-marital assets held by either party are not subject to division; these assets are awarded to the owning spouse. 

Non-marital assets include property received by one spouse by gift or inheritance during the course of the marriage. In order to assert a non-marital interest in an asset the owning party must be able to prove the source of the asset and trace the asset from its original to its current form. 

Pre-marital assets include property that was held by one party prior to the marriage that is still in existence at the time of the parties’ separation. Pre-marital assets of a party can often change form over the course of a marriage. In order to assert a pre-marital interest in an asset, the owning party must be able to prove their original ownership of the asset and trace the asset from its original to its current form. 

Ensuring you are awarded all of your pre-marital and non-marital property in a divorce action requires compliance with the specific tracing procedures outlined by the Courts. The attorneys at Durrett & Kersting, PLLC have extensive experience assisting clients protect their pre-marital and non-marital assets through tracing.  Contact your Louisville family law attorneys at Durrett & Kersting, PLLC to discuss the restoration and protection of your pre-marital and non-martial property. 

Children in Divorce

When the parties to a divorce have children, their divorce case will also address issues relating to the care, custody and control of their minor children. For additional information, you can visit our CHILD CUSTODY and PARENTING TIME pages. 

High Asset Divorce

While divorce can be stressful and difficult for many individuals, this can be especially true when the marital estate contains complex or significantly valuable assets. Navigating high-assets divorces requires the attention and skills of an experienced legal team dedicated to protecting your financial interest. The Attorneys at Durrett & Kersting, PLLC can help you navigate this process and protect your legal interests.  Contact our office today to schedule a consultation. 

Business Ownership Interests

Being self-employed or owning a small business can present unique challenges in many facets of life; this can be especially true when you are involved in a divorce. Determining whether the business is a marital asset and assessing the value of the company can have significant implications in both the division of the marital estate and the future of the business. Contact the Family Law Attorneys at Durrett & Kersting, PLLC for a free consultation to discuss how your business may impact your divorce case. 

Spousal Support

In Kentucky, spousal support - commonly known as "alimony"- is referred to as "maintenance". Depending on the specific factors in a marriage, including the length of the marriage and the income of the spouses, one party may be entitled to short term, long term, or lifetime maintenance. The Court may also consider the inequity of income in deciding if one party is entitled to have the other party pay his or her attorney's fees. The lawyers at Durrett & Kersting, PLLC have extensive experience representing parties who may be obligated to pay their spouse maintenance as well as those who may be entitled to receive maintenance. Contact your Louisville family lawyer today for a free consultation.

Divorce Litigation

While some divorces can be resolved through settlement negotiations, mediation or the Collaborative Divorce Process, that is not always the case. When parties are unable to reach a resolution on their own, it becomes necessary to present the unresolved issues to the Court for determination. You will need an experienced litigation attorney to take your case to trial. The attorneys of Durrett & Kersting, PLLC have over thirty years of combined litigation experience. Contact the family law attorneys at Durrett & Kersting, PLLC today to discuss your case.