Research indicates that women who come from divorced families are 60 percent more likely to go through a divorce themselves. For men who come from divorced families, it's 35 percent. Kentucky couples who have beaten the odds by staying married until they reach an older age need to be acutely aware of these risks. That's because divorce has become more socially acceptable and common, and this is especially true for couples past the age of 60.
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.
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.
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.
Divorce can be an emotional time for Kentucky residents and anyone else going through it. Therefore, it can be tempting to try and win the divorce by any means necessary. Of course, the truth is that no one really wins in a divorce even if most people claim that their former spouses got the better deal in the settlement. This is because all parties to the end of a marriage have to adjust to their new realities.
Divorced parents in Kentucky who get a divorce may be financially overwhelmed. In addition to debts like credit cards, they may also have past-due alimony or child support payments. While the bankruptcy process cannot be used to eliminate delinquent domestic support obligations, it may still be helpful with managing the past-due payments.
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.
When beginning divorce proceedings in Kentucky, there are a number of issues that a former couple may want to consider. With the change in the tax law code coming into effect in 2019, finances could be affected in many ways.
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.
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.