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Divorce Archives

Divorce and finances

Women in Kentucky who get a divorce may already be aware that the process could have a negative impact on their finances. However, they should also be prepared for any unexpected financial developments that are likely to occur.

Changing an estate plan during divorce

When people in Kentucky decide to divorce, they can face a number of practical, emotional and financial challenges. There are many changes a person must make in his or her life after the end of a marriage, and these changes can be overwhelming at times. At the same time, these changes can be particularly important for protecting a person's assets and future, especially those related to estate planning. There are some estate plan changes that will need to wait for the divorce to be finalized, but there are other ones that people can make immediately to protect themselves even while the divorce is pending.

Parenting and finances during the divorce process

After filing for divorce, some Kentucky couples may face restrictions on their parenting rights and their rights to use marital finances. In general, people cannot make unilateral decisions about children or shared finances. It may be best to consult an attorney to ensure that these restrictions are not violated since they may have serious consequences.

Some reasons for divorce among older couples

The divorce rate is on the rise for people who are 50 and older, and for people in Kentucky and throughout the country, there could be a number of reasons for it. Many of the couples in this age group are baby boomers. The size of this generation is one reason for the increase. People are also living longer, and this means that they may be less likely to remain in marriages where they are unhappy even if they are older.

Simple solutions to paying college tuition after divorce

College tuition may be the costliest expense parents pay for their children. Although many parents struggle to help their children pay for college, divorced couples face additional obstacles. With two separate households to maintain, Kentucky parents have less money to spend on tuition. However, those who establish a plan to cover the costs of college when their children are young, before they consider divorce, may find it easier to manage.

Filmmaker examines child support system and race

Some Kentucky fathers may be struggling to pay child support because their income is too low for the amount they have been ordered to pay. According to a study by the Urban Institute, the income range for 70 percent of parents who are behind in child support is under $10,000. Some of those parents have no income in at all.

Tips for getting finances in order before a divorce

People in Kentucky who are thinking about getting a divorce might want to take a look at their marital finances first. One important step may be getting copies of important financial documents such as paperwork for retirement and investment accounts, tax returns and bank statements. These should be placed somewhere safe.