Getting a divorce is one of the life events during which an estate plan should be reviewed. Kentucky residents should make certain that they are able to meet any legal obligations they may have toward their spouse while maintaining as much control as they can over their assets so that the management of their assets will be in line with their preferences should they become incapacitated or die.
Women in Kentucky who are getting a divorce and who want to keep the family home might be advised not to by some financial planners. According to one expert, she only recommends that women take the home as part of property division if they can afford it for more than five years after the divorce. Often, women struggle to afford the home because of the costs of other expenses besides the mortgage such as insurance, taxes and upkeep.
In most Kentucky divorces, both parents are committed to ensuring that their children are provided for. However, there are some cases in which a parent with child support obligations deliberately takes steps to reduce his or her income to avoid making payments.
While divorce rates have stabilized or even declined for many demographic groups in Kentucky and across the United States, this is not true for people of all ages. In fact, the divorce rate among Americans over the age of 50 continues to increase, a trend that has continued for two decades. Since the mid-1990s, divorces among people older than 50 have more than doubled. These separations have become known as "gray divorces." While the term can apply to both breakups of longtime partnerships and splits between people on their second or third marriages, they are increasingly common.
You may be among hundreds of other Kentucky parents who are shaking their heads and wondering how the school year passed by so quickly. With summer just around the bend, you likely will have to rearrange your schedule to provide for your children while they're on summer break. If you happen to be a homeschooling family, you may still encounter challenges regarding vacations and decisions, such as whether to stop formal lessons from June through August, like your public and private school friends.