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Edgewood Kentucky Family Law Blog

Options for business owners in a divorce

When people in Kentucky are going through a divorce and are also business owners, they will need to decide what to do about the business. This may involve asking a number of questions. For example, if the divorce is relatively amicable, they may prefer to simply continue running the business themselves.

It might not be feasible for one person to buy the other one out if both people are integral to the business, even if the two do not get along well. However, it may be possible to restructure the business to allow the couple to keep running it after divorce under a different arrangement than they had while married. For some couples, this may mean one person stepping back and having less involvement. For others, selling the business may be the best solution. They should start by agreeing on what the terms of the sale should be and what price is acceptable for the business. They may end up having to sell the company for less than they hope if they are experiencing financial difficulties.

What parting spouses need to know about the family home

For many divorcing couples in Kentucky, the family home is the biggest asset that needs to be split. If there is a desire for one spouse to become the sole owner of the home, it can help for them to approach the process as if they were purchasing an entirely new property. A good place to start for a soon-to-be ex looking to claim the marital home is to determine how much equity they have in it.

While it's possible to use a property tax assessment to determine the value of the marital house, such information may not be current. A more reliable option is a full appraisal performed by an impartial appraiser. Similar details can be provided by a broker price opinion or a comparative market analysis. The accurate value of the home will then be determined by subtracting any debt related to the property.

Protecting credit during a divorce

The financial effects of divorce in Kentucky can linger long after other emotional and practical matters have been sorted out. While people may expect changes to their housing, retirement funds and other financial assets after a divorce, one thing that they may not expect are the potential dangers to their credit score. People can take action during their divorce to protect their credit report, which can be important for obtaining a new mortgage, a credit card or other type of loan.

Of course, divorce does not automatically damage a credit score; marital status is not considered when calculating an individual's report. However, the circumstances around the dissolution of a marriage can lead to decisions that can have a lasting impact on a person's credit. One thing to keep in mind is that creditors are not parties to the divorce decree. Therefore, when an account is held jointly, both people are responsible for the debt, even when they may have decided during the divorce settlement that one spouse would handle the payments. This is why it is best to transfer balances to an individual credit card or remove the other person from the account.

Co-parenting is not always a wise choice

Researchers have found that children who spend time with both parents following a divorce tend to fare better, and family law judges in Kentucky and around the country now order joint custody far more often as a result. However, making a co-parenting plan work is not always possible, and there are situations where such arrangements could actually do children more harm than good.

This kind of parenting plan is not feasible when divorced parents live far apart, or one of them has a career that involves extensive travel. Co-parenting is also not an option when one of the divorced parents is incarcerated. However, judges avoid ordering co-parenting arrangements most often when one of the parents poses some sort of threat to the well-being of the child or children involved.

Common links between states with lower divorce rates

The reasons for divorce are as varied as the people who enter into marriage. Though it is a common occurrence, happening to around 40 to 50% in the United States, there is still a great deal of stigma attached. However, researchers are now saying that where you choose to live can influence your likelihood of getting divorced.

It may seem like a strange factor in the breakdown of a marriage, but experts say that there are common threads in divorces that can point back to where a person lives. Kentucky is one of the 10 states with the highest divorce rate, with around 17 divorced people for every 1,000 married people. Living here isn't a guarantee that you and your spouse will part ways, but experts say that there are commonalities among the states with high rates of divorce.

Signs that a marriage could be headed for divorce

Some spouses in Kentucky may divorce not because of major issues, such as infidelity, but due to less obvious tendencies that can be just as harmful to a marriage. For example, couples who engage in too much conflict avoidance may simply allow issues to fester without them ever being resolved.

Another danger is when couples do not take each other's emotions seriously. Invalidating another's emotions may seem like a small thing, but over time, this can build up and create resentment. Other couples split up because one or both of them cannot set aside problems from the past. For example, a person whose last partner was unfaithful might struggle with jealousy, and that could ruin the current relationship.

More work to be done after a divorce

The divorce process can be daunting and draining. This list of things to do after a divorce may help Kentucky residents plan ahead so that the process becomes more manageable and less stressful.

While a settlement agreement describes how assets will be divided, the people involved must take steps to separate everything. Assets and responsibilities that require attention might include a home, vehicles or a mortgage. The title of a home can be changed with a 'quit claim" deed, and a divorce decree is not enough to give one possession of a home when a former spouse is still listed on the title.

More millennials are signing prenups prior to marriage

There's still a lingering belief that younger couples tying the knot in Kentucky and elsewhere in the country aren't too proactive about the future. However, more millennials are actively preparing for the unexpected by signing prenuptial agreements. In a recent survey of divorce attorneys, more than 60 percent of them reported a rise in the number of clients requesting prenups. Just over half the respondents said they had more millennial clients asking about prenups.

Protecting separate business interests, property holdings and possible inheritances while also addressing possible future issues with alimony are among the reasons why more millennials are considering prenuptial agreements. According to the Pew Research Center, millennials encompass a broad range of individuals born between 1981 and 1996. This is also an age group that's marrying later, which may be another reason for the prenup trend.

Key tips for divorcing parents to keep in mind

When parents in Kentucky make the decision to divorce, they may find themselves facing a challenging new situation: forging a new relationship as co-parents. Many couples go through severe emotional pain during the divorce, especially when the separation is less amicable or involves difficult circumstances like infidelity. Still, both parents will be part of the children's lives for years to come, and it can be important to retain a positive relationship centered around the children. Positive co-parenting can help children to emerge from a divorce with a better relationship with both of their parents.

In the first place, parents should make sure to keep their children out of their disagreements in the divorce. Parents who complain about each other may evoke uncomfortable feelings in their children who feel pressured to take one parent's side or the other. Indeed, this can create long-term psychological damage for many children. Therefore, parents should communicate directly with each other about problems or concerns, rather than using their children as messengers. They should not feel as if they need to make a choice between two parents they love.

More people than ever before think divorce is morally acceptable

These days, divorce is so common that it isn't surprising to discover that someone has experienced it. Though there is sometimes a stigma attached, there is no reason for anyone to be ashamed for having a divorce. It is a common part of life.

If you plan to divorce, rest assured that society is less judgmental about the event than it used to be. Recent data shows that divorce is becoming more accepted over time. Interestingly, divorce rates in the U.S. are falling, even as this wider acceptance occurs.

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Edgewood, KY 41017

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