are tools of trade considered community property in ky,?

[rcoleman]

in a dvorce settlement, are mechanic tools used for a persons livelyhood considered community property and evaluated in dollars and monies divided between husband and wife?

 

[dorenephilpot]

Hi, there. I can answer only in terms of Indiana law, which is where I practice:

Anything that was acquired during the marriage, using money that was received during the marriage, would be considered part of the marital pot. HOWEVER, the court is not going to award a Saws-All, for example, to the spouse who wouldn't know how to use it.

Usually how those things work out is that there are trade-offs. For example, she might get more equity in the house or more of the money in savings, in exchange for you getting all the tools.

Or if there is nothing BUT the tools, the court could order you to pay her half the value.

Usually that kind of thing can be worked out in the settlement agreement that you and your spouse hammer out. However, if you are not able to come to an agreement on it, the court can impose its own ideas on distribution.

Hope this helps answer your question....