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Louisville KY Family Law Blog

Inheritance: Is the value considered in property division?

When two people decide to dissolve a marriage in Kentucky, there are countless decisions to make. One of the most hotly contested items in divorce proceedings is property division. While most assets can be divided based upon a prenuptial agreement or by commonly observed laws, one issue that could face a couple when divorcing is how property or money from an inheritance will be divided.

If there is not a prenuptial agreement in place, assets are divided based upon the state's laws. An inheritance received after two people are married is typically not classified as marital property, and will remain the property of the beneficiary in the event of a divorce. This can become murky if there is a commingling of funds after an inheritance is received. The laws differ from state to state, and it would behoove most people to understand their state's laws on this topic.

Things to consider when asking for alimony support in Kentucky

When a couple decides to divorce, one of the most hotly-contested factors in the final agreement is spousal support. The concept of alimony was created in order to limit the economic effect that a divorce would place upon the spouse who earned significantly less that the other party or did not earn wages at all. In Kentucky, alimony can also influence the distribution of property.

Unlike the established and relatively uniform child support financial guidelines that exist in most every state, each state has different guidelines as to how alimony is determined. States have significant latitude as to when, and if, alimony is awarded. If alimony is awarded, the state can determine how much a spouse is entitled to and how long the spouse can receive payments.

New proposal could change military divorce proceedings

As it currently stands, Kentucky couples in the military seeking to end their marriages have to suffer asset division dictated by old and out-of-date rules. While the spirit of the law may have been appropriate many years ago, the common occurrence of divorce and the changing landscape of current military life has created room and need for change. A new proposal could significantly change the way retirement pay is split in military divorce cases.

With current laws, a husband or wife of a deceased service member can be entitled to half of his or her retirement pay regardless of how long the two were married. This would remain in effect even if the two people had been married only a year. Under the current laws, servicemen who divorced their spouses and subsequently entered into a marriage with another that lasted decades would still find that their long-term and short-term mates would have to share in the retirement benefits.

Banks considering new products for those seeking a gray divorce

The process of dissolving a marriage can be one of the most difficult experiences a person can face.  In the Commonwealth of Kentucky and throughout the United States, there has been an increasingly common phenomenon which has gained the moniker of "gray divorce." This term is used for couples who decide to separate later in life. As the frequency of gray divorce has risen, some banks are considering a new product called a "divorce mortgage."

Regardless of the time in life when people divorce, they will most likely have to recalibrate their budgets and spending habits. What was affordable while living as a couple may not be feasible when someone is single. A divorce mortgage may be a good fit or those who wish to stay in their homes but do not have the cash available to do so.

Calculating alimony in Kentucky

individual during a divorce proceeding. It can be temporary or permanent depending on the financial circumstances of each spouse that is ending a marriage, regardless of gender. Eligibility requirements involve when one spouse either has a lack of assets after divorce or is unable to maintain employment with enough resources to support him or herself post divorce. Alimony helps the less fortunate spouse to receive payments so they can have increased income and be able to pay their normal monthly bills. Here is some information about types of alimony and factors considered by the court when determining spousal support payments.

Temporary alimony

Temporary maintenance is awarded on a short-term basis while the marriage is dissolving. The spouse requesting payments submits a complete list of assets and expenses for the court to determine eligibility. This type of alimony ends when the divorce has been finalized.

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.

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