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.
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.
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.
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.
The majority of married women in Kentucky and across the U.S. still leave major money decisions to their husbands, according to a report. Unfortunately, this can leave them financially vulnerable if they divorce.
Some parents in Kentucky who are going through a divorce might want to look into a trend in child custody called bird nesting. This involves having the children stay put in one home while the parents take turns living there.
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.
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.
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.
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.