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Louisville KY Family Law Blog

When can you seek a modification of your divorce?

When a judge finalizes your divorce decree, you may think that you are at the end of the road. If your circumstances later change, however, Kentucky law allows you to seek a modification of your divorce decree.

Getting a judge to grant a modification, however, is not an easy process. You must prove that there has been a substantial change in circumstances to warrant a change in alimony, child custody, visitation or child support arrangements. The court will not take your request likely.

The financial impact of divorce for baby boomers

As Kentucky readers may know, many older Americans are choosing to end their marriages later in life, a decision that is sure to have a serious impact on retirement. Baby boomers who are already retired or approaching retirement could face major financial changes, and many find it necessary to adjust retirement plans. Statistics indicate that women are especially susceptible to the financial impact of a gray divorce

It is estimated that one in five people age 50 and up are still working. It is possible that many of these individuals have found it necessary to remain in or re-enter the workforce after experiencing a divorce later in life. When a marriage ends later in life, a person may not have an abundance of time or the career opportunities to bounce back financially. It is believed that women who divorce in their fifties are far more likely to be working at age 60 or beyond.

Effectively navigating difficult divorce issues

Kentucky readers who plan to end their marriage or those who are already involved in the process may be concerned about the difficulties ahead. Divorce is hard, but with the right perspective, it is possible to work through these issues with minimal emotional damage and without the need for litigation. An experienced family law attorney is a good resource and invaluable ally during this time.

For some people, divorce may seem like a crisis, and it can be difficult to make positive decisions during this time. Temporary emotions should never be the reason that important decisions are made, even in disputes over matters such as child custody and financial support. It is critical to set aside these emotions in order to avoid unnecessary litigation and make decisions that are practical and beneficial.

Gray divorce and the financial impact on retirement

For Americans age 50 and up, retirement is rapidly approaching. While most Kentucky readers have been making retirement plans for years, divorce can halt these plans and quickly change financial options for older individuals. The high and increasing number of retirement-age adults who are divorcing has led to widespread use of the term gray divorce. Gray divorce, while complex, does not have to result in financial devastation.

Retirement is only possible if there are sufficient funds set aside for living expenses and lifestyle choices. The end of a marriage will certainly bring financial change as all marital assets, including retirement finds, must be equitably divided between the two spouses. For some people, a divorce may mean that a person must continue to work longer than intended or adjust expectations for financial abilities after retirement.

Effective ways to prepare for a Kentucky divorce

Ending a Kentucky marriage can be a long process, but preparation can help ease some of the complications that it brings. Even when a couple is amicable and resolved to settle disputes effectively and efficiently, divorce can be a difficult process to navigate. When a person knows what to expect and has prepared well, it may be possible to avoid unnecessary disputes and stress.

One of the most important things to acknowledge is the fact that friends and family members will almost certainly speak their minds about the situation and announce their opinions about what should be done and how a person should proceed. These people have good intentions, but they should avoid attempting to sway a decision about custody, support or property division. By working closely with a lawyer, a person going through a divorce will avoid emotional decision making and make choices by focusing on a strong and stable future. 

Co-parenting may be answer for some Kentucky divorce cases

The decisions made pertaining to children during divorce proceedings can weigh heavily on the minds of the parents involved. Some may be afraid that they will only get to see their children a small amount of time or that the decisions will have a negative impact on the children themselves. Divorce is a considerable upheaval that can lead to many changes, but some child custody decisions may be best for everyone.

Kentucky residents may be interested in one mother's journey with such decisions. She and her ex-husband have one son, and during the divorce, they decided that co-parenting would be their custody arrangement. At first, the mother felt guilty about the divided time her son would have to spend with each parent due to her desire to get divorced. However, over time, she came to see the benefits of the arrangement. 

A changing approach to child custody matters during divorce

When navigating the legal issues that come with ending a marriage in Kentucky, parents often cite the well being of their children as their number one concern. Child custody is one of the most common sources of conflicts and disputes that must be settled before a divorce is final, but the way that many families and family law courts are approaching this issue is changing. Across the country, more people are seeing that traditional child custody arrangements may not always be best.

Traditional child custody arrangements often granted one parent, often the mother, primary custody. However, research indicates that children benefit when they are able to maintain a strong relationship with both parents. In order to protect the best interests of the children, more families and courts prefer shared parenting plans than ever before.

Tax implications of divorce may be unanticipated

When a marriage ends, emotions run high -- especially if there are children involved. Uncertainty may exist about who will get child custody and how much child support will be paid. Working on a parenting and visitation plan, along with the potential contention related to property division, may overshadow other important issues. One of these issues is taxes, and the impact taxes can have on the post-divorce financial stability of individuals in Kentucky.

Alimony payments made to a former spouse are tax deductible. This is true for divorced couples or for those who are legally separated, and deductions need not be itemized. However, voluntary payments made to provide support that is not part of the divorce decree are not deductible. The person receiving alimony payments must pay tax on it in the year that the payments are received.

Grey divorce and the financial implications

Financial concerns are one the leading reasons that people choose to end their marriages. Unfortunately, these issues do not go away once the divorce papers have been filed, but they can have a significant impact on the actual divorce process and post-divorce life. This is especially true for Kentucky couples who are older and who have been married for a significant amount of time.

The number of grey divorces is on the rise, which brings to light the sensitive financial issues that concern older couples. For a person over the age of 50, a divorce can have a significant financial impact that cannot be overcome at that point in their life. It is critical to navigate these matters with a strong future in mind.

I'm getting divorced. What exactly are my "assets"?

Despite your best effort, you and your spouse have decided that your marriage is not working. Choosing to divorce is not an easy decision. What will happen to the kids? What happens to you financially? What exactly is "property division" and what gets divided?

When a couple divorces, each gets a share of the marital estate--all the things you have accumulated during your marriage: from saddles to horses, tractors to trailers, houses to bank accounts. Right down to the furniture, the courts are interested in making sure that you receive your rightful share. Kentucky uses the legal standard of "equitable division" which means that the assets will be divided fairly but not necessarily equally.

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