Every divorce is different and many factors come into play when reaching Property Settlement Agreement. There may be short term marriages or marriages many years in length that result in divorce. Generally, the longer the marriage the more “marital property” (property accumulated during the marriage) than non-marital property (property either owned prior to the marriage or inherited/gifted during the marriage). If a spouse in this situation has non-marital property (i.e. a $10,000.00 inheritance) they must be able to prove by written documentation when they received that money and what they did with the funds. A probate document will generally show proof of the inheritance BUT, if they (or the marital unit) spent it, it is generally gone and cannot be retrieved and restored to that particular spouse. When the inheritance was mixed with marital money, we call this co-mingled, and it loses its “non-marital” status. The best “rule of thumb” for spouses receiving inheritances or gifts from relatives is to keep it segregated in a separate account with the supporting documents to prove its source of origin.
As in many divorces, we see second, third and even fourth marriages during the course of a lifetime and this presents a very difficult property identification, classification and restoration problem. Each one of these cases requires time and effort to “trace” the “source of origin” of funds to specifically identify the “non-marital” component. There must be strong documentary evidence to support a divorcing spouse’s claim for restoration of non-marital claim to property.
We at Grubbs Rickert Landry, PLLC have represented hundreds of clients with property identification disputes. Let us help you properly identify and divide the property in your marriage. We help clients in Northern Kentucky, including Boone County, Kenton County, Campbell County, Florence, Union, Hebron, Covington, Erlanger, Park Hills, Taylor Mill and Ft. Mitchell. Call us today!