Most people in Kentucky may agree that there is no such thing as an easy divorce. In fact, some are significantly more complicated than others. Any person who is considering a high asset divorce may want to prepare for the challenges it might bring. When high net worth couples decide to end their marriages, there are more assets to divide, often leading to fierce courtroom battles that can prolong the process.
Although nobody wants even to give a thought to divorce while planning a wedding, more and more young adults recognize the importance of a prenuptial agreement. Life is full of twists and turns, and even a couple with few assets at the time of the wedding may build up a substantial estate that may have to be divided in a high asset divorce sometime in the future. Soon-to-be married individuals in Kentucky will likely understand that such an agreement serves to protect the interests of both spouses -- not only in the event of a divorce but also if one spouse should die before the other.
Though each divorce case is different, there are certain factors that could make some cases have a higher chance of facing complications. Dealing with a substantial amount of money is one of those factors. High asset divorce cases often face additional tension, arguments and stress as each party works toward the results they desire most.
Being a business owner and a spouse can be a rewarding combination. Kentucky residents may feel that they have achieved both professional and personal success due to each of these roles. Of course, parties can hit snags in running a company and in attending to a marriage, and if the latter heads for a high asset divorce, understanding business valuation may be prudent.
Many Kentucky spouses rely on their partners to handle all matters related to finances in marriage. Some whose marriages did not last later recognized this as a big mistake when they suddenly faced tremendous challenges negotiating high asset divorce. It's difficult to fight for assets rightfully owned if one is not even aware of one's own financial status in the first place.
When a divorce involves valuable assets and other complicated financial matters, it can quickly become a contentious, difficult process. For a Kentucky couple facing a high asset divorce, it is important to prepare well and be aware of ways that the other party may attempt to undermine one's rightful claim to marital property. One of the most common ways that this occurs is by the dissipation of marital property.
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.
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.
A divorce has a profound effect on a couple's estate plan in Kentucky law. While there is no legal effect up until the entry of a decree of dissolution, once that decree is entered, any disbursements or powers granted to the other party to the dissolution by will are treated as if that party died on the date of the decree.