Legal Question in Family Law in Kentucky
Mixing of monetary funds or sale of property.
My wife and I were married in 5/98. She sold her house in 7/98. We used that money to purchase a house in AZ. We sold that house in AZ, to purchase a house in KY. We used the proceeds of the sales to purchase the houses. We are getting a divorce, she is cleaning me out of every piece of property. We have the proceeds from the sale of the KY house in an escrow account. How much of those funds am I entitled to receive. She owned her house prior to us getting married but used the proceeds to buy the homes. I had added funds to help sell her house the first time. When we finally bought the last house in KY, she was unemployed at the time and everything was based on my credit. Please let me know what I can expect. Thank you.
2 Answers from Attorneys
Re: Mixing of monetary funds or sale of property.
The key issue is what KY law refers to as "tracing" non-marital property.
What was yours pre-marriage is still yours, what was hers pre-marriage is still hers.
To oversimplify, the increase in value of property
would be hers and yours, but the original equity would belong to the original pre-marriage owner.
There are many variations on this theme. This is intended to simply give you a
"birds-eye view" of the issue.
Re: Mixing of monetary funds or sale of property.
Under KY law you are entitled to 1/2 of marital property, that is property bought during the marriage. if she had property prior to the marriage, then she is entitled to some portion of it in return. you are entitled to increases of the property and reduction in the loan during your marriage. feel free to inquire further as there are complicated formulas that are involved in determining exactly how much you may be entitled.
502-583-2005 ext 102
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
