In any dissolution, questions about taxes loom large, particularly during tax season. In most families, one partner has traditionally assumed the responsibility of preparation of household financial documents and continues on with the chore out of habit. Sadly, with the shattering of the trust that comes about from the end of a marriage,there also comes a reluctance on the part of the partner who hadn't previously prepared those documents to cooperate.
Whenever family law disputes are occurring (be they divorce, custody or some post-decree modification), there is significant stress that impacts all facets of a litigant's life with relation to job performance, debt, money management, routine household tasks and productivity. With employment, statistical studies of large-scale employers usually reflect 50-75% drops in productivity by the worker in such an action, as well as a "ripple effect" among the co-workers and line managers who struggle to adjust and cover for the productivity loss.
In matters of child custody and parenting time in divorces, Kentucky legislators and judges have a lot to say. There are statutes and judicial opinions addressing myriad issues of jurisdiction, of best interests, of factors to be used to determine what happens in modifications and what happens when someone relocates and leaves the immediate area in pursuit of new employment, new relationships or a plain fresh start. Sadly, in all of this material, there is very little said with regard to how to act as a parent.
In many states, there are significant battles over the payment of child support and tuition obligations of offspring of the parties that has achieved the age of majority. Some of those battles are legislative as advocates work to install such a requirement, and in in other jurisdictions, statutes requiring just that are being challenged.
There is an old joke about divorce, probably dating from the time of vaudeville comics, that goes something like this:
When it comes to divorce, as in every business cycle, there are busy periods. In Louisville, it is no different.
In any divorce, issues of the treatment of taxes will arise. In most cases, one spouse will have assumed the responsibility for preparation of household financial documents and continues on with the chore out of habit, but sadly, with the shattering of the trust that comes about from the end of a marriage there also comes a reluctance to cooperate.
Sometimes, divorce happens to the marriages most earnestly started. People change, whether over the span of months, a few years or even a lot of years, and things occur which can severely impact a relationship.
In a Kentucky divorce, statute and established precedent require the equitable division of marital debt. Many litigants fail to understand what this means, and conflate the term equitable with the term equal. In cases with significant debt, a judge may consider a multitude of factors in making the division. Relative incomes, the underlying need which gave rise to the debt, the disposition of property which was acquired with the debt (or which may serve as collateral for the debt) and the ability of the parties to service the debt all become relevant factors; the final result will not necessarily look equal, but that division will be deemed equitable.