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Edgewood Kentucky Family Law Blog

Ideas for helping your children come to terms with your divorce

You probably remember exactly where you were, perhaps even what time of day it was, when you told your children you were getting divorced. If you have several children of various age ranges, their reactions may have varied. Perhaps you have a quiet child who immediately became even more introverted, or an assertive child who gave personal opinions about your decision. Your kids may have shed tears or expressed anger or worry as well. After all, they love both parents, and the unknown can be quite scary at times.

So many children in Kentucky and throughout the nation have been in similar circumstances. The good part about that is that many studies have been done to assess children's needs and how to help them navigate the divorce process.

Handling credit scores after divorce

While there are several pressing matters to attend to when going through a divorce, Kentucky residents should make time to think about credit scores. When possible, couples must work together to untangle credit and build good credit history. This is because both parties can be hurt when failing to pay off joint accounts even if one person agreed to make the payments.

First, a couple should close joint accounts. Any remaining debt a couple shares can be distributed in a divorce decree. If a spouse is an authorized user on a credit card, one can call the issuer to remove this person. Opening independent credit cards and bank accounts helps one establish a credit history.

Factors that older people should think about before divorcing

Over the past two decades, the divorce rate has increased for older spouses. While many of these people have had successful post-divorce lives, it is important that seniors in Kentucky understand the special issues they might face after a split.

When spouses divorce, they will have to divide their assets. Retirement funds accumulated during a marriage will be subject to the property division process. This can prove to be problematic for older people. If they haven't yet retired, they may find that they don't have enough years left to save and replenish their retirement funds. If they have already retired and are no longer earning an income, they might be left with very little on which to live.

Financial matters to take care of in a divorce

People in Kentucky who are getting a divorce may want to consult an attorney to discuss what their rights would be in a divorce. They might also want to get a copy of their credit reports.

If a person makes a decision to go ahead with a divorce, one of the first steps might be to open individual accounts and close any joint accounts. This may prevent one spouse from moving all the money out of a shared account or running up credit card debt. Spouses may want to remove one another from accounts where they have been added as a user but might want to keep one joint account open to handle expenses for children or other costs for which they are jointly responsible. All assets must be documented, including information on real estate purchases and retirement accounts. A divorce financial analyst may be able to assist in finding any hidden assets or with other financial issues. If there are homes, vehicles or other property that is jointly owned, both names should be on the titles.

Who foots the bill for your child’s Olympic ambitions?

Michael Phelps. Kevin Durant. Venus and Serena Williams. What do these people have in common? You probably answered “athletic superstars”, and you’d be right. But did you know that all of these sports icons are also children of divorce?

The Olympics are right around the corner—a time of hope and inspiration for budding athletes across the world. If you’re a divorced parent staring down at your little Olympic hopeful, you might be wondering: Who’s going to pay for my kid’s dreams of stardom?

Three tips for business owners going through divorce

Business owners have a lot to lose during divorce. The property division portion of the divorce can have a huge impact on the business. The risks to the business can be mitigated with these tips:

  • Valuation. It is important to get an accurate estimate of the worth of business to better ensure a fair split. If possible, it can be advantageous for both sides to agree on one business valuation firm to complete the estimate of the business’ worth. This process is often pricey, and one valuation that both parties are comfortable trusting can cut down on costs. 

NEW LOCATION

Dietz & Overmann, PLLC will be moving locations next week and will open at the new office on Monday, March 2, 2015. Our new address is 130 Dudley Pike, Suite 150, Edgewood, KY 41017.
Due to the move, we will have the following brief interruptions:
* Fax service will be down beginning February 20th and lasting a few days - please call the office if you intend to fax something to check to see if we have fax service.
* Email and telephone service will be down on the afternoon of February 25th and should be up and running again on February 26th, if not sooner.
* Office will be closed on February 26th and 27th for the move.
Please continue to check FB for updates in case there is any other unexpected delay
DO Family Law appreciates your patience and understanding during the move. Thanks. 

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Dietz & Overmann, PLLC
130 Dudley Road Suite 150
Edgewood, KY 41017

Toll Free: 866-342-1559
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