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Divorce Archives

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.

Outsourcing housework can prevent divorce for some

While many Kentucky couples may not think that chores could be a divisive topic when it comes to the beginning of a relationship, they may be interested to learn that it is often a major factor in the ending of one. According to a Harvard Business School study, 25 percent of divorced couples reported that housework disagreements were the main reason for the split.

Helping children through a divorce

Kentucky parents who are going through a divorce will need to ensure that the needs of their children are met during a difficult time. They should refrain from treating their sons or daughters like confidants or rely on them as a support system. As a general rule, they are unable to provide such support. A parent should be sure to never say anything bad about the child's other parent when spending time with the child.

Divorce over 50 can bring financial burden

People in Kentucky who decide to divorce after 50 can experience some additional financial hardships and consequences due to the changes to major financial plans as people approach the end of their working years. When people make a decision to divorce later in life, this means that both partners have a limited opportunity to rebuild their finances after the separation of assets that accompanies a divorce. Retirement accounts that both parties are relying on to support them throughout their elder years will now need to support two separate households, potentially doubling the amount of expenses covered from the same pool of assets.

Retirement funds are a key aspect of property division

Kentucky couples going through divorce must often deal with challenging financial predicaments. This can be especially true when it comes to retirement accounts, which can represent a major asset held by the couple as part of their marital property. When surveyed in 2016, 62 percent of divorce lawyers said that issues about retirement funds are the most contentious for their clients.

Protecting finances in the event of a future divorce

When two Kentucky residents decide to get married, they may not be thinking about how they can protect their financial future in the event they get divorced later on. Many people do not like to think about creating a prenuptial agreement or other ways to protect their money when they are planning a wedding, especially since for some individuals, it can feel like this leads to expectations that the marriage will fail.

Trends show an increase in remarriages

Data collected by the Pew Research Center shows a dramatic shift in the American relationship and marriage landscape over the past few decades. More couples are opting to cohabitate before or instead of marriage, biracial marriages are more popular, public support for same-sex marriages and the number of those couples choosing to wed has increased, and more people are marrying partners of different faiths.

Changes in taxes that occur after divorce

People in Kentucky who are getting a divorce may have several changes in their taxes. When a divorce is finalized by the last day of the calendar year, people must file their taxes separately for that year. If the couple remains separated but the divorce is not yet final, they can choose between married filing separately or filing jointly.