When married people in Kentucky file for divorce, they typically face a variety of challenges regarding several important issues. At the top of the list (if they have children) are matters concerning child custody. Financial issues are also often the subject of disagreement between spouses (even during marriage); thus, property division laws, child support, alimony and other money topics may add fuel to the fire when it comes to trying to reach an amicable agreement.
It's no secret that divorce can be a very messy process. Many in Kentucky who have gone through it know how stressful and complicated it can be to end a marriage in court. From emotional turmoil to financial disagreements and problems regarding parenting plans, it's well and good to hope an agreeable settlement will be achieved in a timely manner, but it doesn't always turn out that way. In fact, many times contentious battles arise, especially when a spouse tries to hide assets to avoid property division.
If you own a home, it is likely so much more than just an "asset." That home contains some of life's happiest memories. It could be where you raised your children, celebrated holidays, played in the yard or sat around the dinner table as a family.
Many couples who marry young do not think about prenuptial agreements, because they do not have many assets. If a divorce occurs years later after accumulating wealth, however, a drawn-out, costly fight can occur.
As Kentucky readers are well aware, divorce brings with it a myriad of financial complications that must be dealt with appropriately in order to establish a strong post-divorce future. Property division is a matter that can lead to acrimony and disputes, leading to emotionally driven decisions. A final settlement should always be based on what is best long term, not temporary feelings of anger or frustration.
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 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.
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.
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.
Family businesses are normally owned by both spouses, so when a marriage breaks up, it puts the state of the business in limbo. This can be especially worrisome in situations where income from the business is the main thing fueling the family's livelihood. The break-up of a marriage is one thing, dissolving a business is another, and just because there is a divorce it doesn't mean the business relationship has to be over. It all depends on the nature of the business and each person's ability and willingness to look at the business relationship as something separate from the personal relationship. Depending on the specific situation, there are generally three options: