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August 2018 Archives

New tax laws that could impact divorce planning

In 2015, more than 600,000 taxpayers across the country, including many in Kentucky, were able to claim a deduction for alimony payments. However, thanks to the Tax Cuts and Jobs Act, alimony will no longer be deductible by the individual paying it and the income will no longer be taxed for the individual receiving it as of 2018.

The complications of dividing assets during a 'gray divorce'

When Kentucky couples who have been married for decades decide to get divorced at an older age, certain complications may arise. In many cases, older couples who are going through a "gray divorce," or a separation that occurs when the individuals are over the age of 50, may have larger financial assets that will need to be divided.

Renewing a retirement plan after a divorce

Kentucky residents who decide to divorce may face more significant, longer-lasting financial changes that far outweigh the emotional issues that can accompany the end of a marriage. After years of building savings accounts, the division of assets that comes with divorce can lead to major changes in each partner's budget and approach to spending. One of the most significant asset types dealt with during a divorce is the couple's retirement savings. These funds are often a couple's largest single asset, and the distribution that comes with the divorce may spark each partner to begin saving intensively for the future.

Student loan debt is ruining some marriages

The average student loan debt for new college graduates in 2017 was nearly $40,000. Unfortunately, those high levels of debt could lead some Kentucky couples to divorce. Research from Student Loan Hero shows that 13 percent of divorcees blame student debt specifically for their splits while more than a third said it was at least partly responsible. Some financial experts are surprised that the numbers aren't higher as outstanding student loan debt has more than doubled during the past decade.

A couple of things to consider on child custody and divorce

Child custody and parenting arrangements are two of the biggest issues that come up during divorce for many couples in Indiana. If you are getting ready to file the divorce paperwork, you may find the idea of your children living in a household other than yours terrifying. Though you may have your reasons for not wanting your spouse to receive a fair share of the parenting responsibilities and time with kids, you know the decision is based on much more than your wishes.