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Louisville KY Family Law Blog

Important steps to prepare finances during a divorce

The decision to dissolve a marriage is never easy. During the process of filing for divorce, Kentucky residents may find that financial considerations can take a back seat to the emotional impact caused by divorce proceedings. However, it can be essential to assess one's financial position in order to emerge from a divorce with the smoothest transition possible.

A recent article names several steps that one can undertake in order to ensure his or her financial positions remain intact. Some might be self-evident, such as taking inventory of one's assets and gathering pertinent financial records. However, others are not as apparent and can have an important impact on someone's life post-divorce.

Prioritizing property division and other financial concerns

Making financial decisions during times of high emotion is seldom advisable. Unfortunately, that is what often happens in a divorce. People who are facing what may be the most stressful times of their lives are required to make decisions about property division, debt and finances that could affect them for years to come. Financial advisers encourage people facing divorce in Kentucky and beyond to try to stay focused to avoid making terrible mistakes.

A highly contested divorce may be very costly. Extra expenses may stem from tussles over small details, requiring additional meetings with lawyers and other members of one's divorce team. During property division, what seems like a vital battle in the moment may actually be inconsequential in the long run. By keeping one's issues prioritized, a person going through a divorce may avoid complications that ultimately lead to additional expenses.

Choosing a divorce lawyer requires some research and thought

Ending a marriage is an emotional and financial roller coaster ride. The decisions that will be made during the divorce process will outline the course of each party's future and should not be made lightly or without some assistance. This is why each party needs to take the time to do some research before choosing a family law attorney here in Kentucky.

Friends, family and the internet can provide a plethora of recommendations. This is a good place to start, but it is imperative that a person's choice is based on who will work best for his or her particular needs. There is nothing wrong with interviewing more than one attorney to be sure that the person chosen makes a party feel at ease. If it does not seem like a good fit, it is okay to move on to another lawyer.

Contentious divorce proceedings can cause unforeseen consequences

When two people decide to dissolve a marriage, the process is rarely a simple endeavor. Even between people who have a decent relationship and solid respect for one another, the process of dividing assets and determining custody issues can easily become contentious. Those considering filing for divorce in Kentucky may be interested in a recent article that discusses some serious implications that may arise in the event that a divorce turns into criminal litigation between two partners.

The article describes a case in which a successful entrepreneur and his wife filed for divorce. One of the main reasons that precipitated the decision to dissolve the marriage was that someone was embezzling significant amounts of money from the man's business. As proceedings progressed, the man's wife requested multiple restraining orders against the man, which were all approved despite the absence of any evidence that he was a threat to the woman or the couple's children. Unfortunately, this is a common negotiating tactic that unscrupulous attorneys may counsel their client's to employ in order to force the hand of the opposing party.

American Pie singer finalizes divorce while legal woes loom

In many instances, the dissolution of marriage can become contentious. However, when a divorce happens because of physical or emotional abuse, proceedings can become more protracted. Readers in Kentucky considering divorce proceedings may be interested in a recent story about the split between "American Pie" songwriter Don McLean and his wife.

According to a recent report, the singer and songwriter recently finalized a divorce with his wife, Patrisha. They had been married for over 30 years. He and his ex-wife, who is a photographer and author, have two children together. Despite a premarital agreement, the couple agreed to a $10 million settlement.

3 strategies to divide a business in a divorce

Business owners often face difficult decisions when they decide to end their marriage. Unfortunately, protecting their business from a divorce is often the last thing people think to do when they're getting married or starting a business.

If you have not established a prenuptial or business agreement that outlines how your business will be divided in the event of a divorce, your spouse may be entitled to a portion of the company. In Kentucky, the courts divide a business in a manner that is fair to both parties. Here are three options that a judge will consider as a fair division of business ownership in a divorce.

Ceding authority: things to consider in divorce and child custody

When two people decide to end their marriage, there is a seemingly endless amount of decisions to make. Child custody matters and asset division are two of the most complex issues and can often take a significant amount of time to determine. However, even after these issues are decided, Kentucky couples who have sought divorce may find that they have to continue making decisions together when children are involved.

A recent article discusses some of the issues that people face even after their divorces are finalized. Even with joint custody, there are still many occasions when divorced couples find they have to work together. For example, they may need to agree upon certain child rearing issues or which physician or school to choose. Many people find that making these decisions after divorce is just as difficult (or even more difficult) as making them together while they were married. Thus, many find themselves wasting time and money returning to court over what some would consider simple decisions.

Massive art collection at stake in Macklowe high asset divorce

When a couple decides to dissolve their marriage, they typically have to face tough issues, such as custody matters and asset distribution. Those facing a high asset divorce, however, are generally confronted with unique situations that are not generally present in normal divorces. Those in Kentucky whose divorces fall into this category may be interested in a recent article regarding the proceedings of billionaires Harry and Linda Macklowe.

Macklowe started his career in real estate, but over the years became a substantial builder in New York City. His firm is responsible for erecting some of the most iconic buildings in the city, such as the new residential tower on Park Avenue that will be the tallest of its kind in the world after completion. Sources estimate that the Macklowe fortune is worth several billion dollars.

Fear of loneliness shouldn't dissuade people from gray divorce

Going through the dissolution of a marriage can be difficult even in the best and most amicable of situations. A gray divorce, or divorce between people over the age of 50, has become increasingly prevalent in the United States due to variety of factors. However, divorcing at this stage comes with a unique set of challenges. A recent article discusses some of the particular strategies that those in Kentucky may want to consider as they pursue a gray divorce.

One of the most common reasons that people stay in a marriage is the fear of loneliness. This can be particularly true with those who have lived with their spouse for decades. The article states that though it can be a difficult journey, seeking a gray divorce can eventually result in freedom and the ability for people to not only survive, but thrive.

Frequently asked questions about prenuptial agreements

Getting married is an exciting time in the life of every couple. With marriage comes the responsibility of joining two separate lives into one. However, with divorce rates steadily increasing, couples believe it is important to protect their assets. In order to accomplish this, many choose to sign a prenuptial agreement.

What is a prenuptial agreement?

A prenuptial agreement is a legally binding contract established by two people before they marry. The agreement addresses assets brought into the marriage by each person, any acquired during the marriage and what rights each individual has to those assets in the event of a divorce. Couples are often apprehensive about entering into a prenup because of the underlying implications. This agreement addresses issues from property allocations, individual wealth brought into the marriage, how you plan to raise your children and even the ramifications of infidelity. The agreement does not address issues like child support or custody, those are handled separately in a divorce proceeding.

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