With more couples here in Kentucky and elsewhere divorcing around or after retirement age, supplementing income becomes a primary concern. Any retirement accounts the couple would have shared had they remained married are more than likely diminished through the property division part of the divorce.
Some entrepreneurs in Kentucky may want to take steps to protect their business holdings in case of divorce. One way to do this is with a prenuptial or postnuptial agreement.
Most people exchanging vows in Kentucky aren't thinking about how they would plan for a divorce if their marriage should end. However, each year, roughly 2 million Americans untie the knot. This is why it's generally advised that couples considering a split do so with a plan a mind. The first thing that spouses may want to do is determine if they really want to call it quits. Divorce is a life-changing decision that can have a big emotional and financial impact.
College tuition can be an unanticipated casualty of divorce for parents in Kentucky who decide to end their marriages. According to studies, almost 40 percent of marriages end in a dissolution, but few couples plan for the financial effects of divorce before it happens. This means that long-established plans to pay for the children's higher education can become a serious challenge, given the financial strains that can accompany a divorce. The costs of university tuition continue to rise approximately 3 percent each year, and the totals can be astronomical. It costs over $46,000 on average for one year at a private four-year school and over $20,000 each year at a state university for tuition, fees, and room and board.
Kentucky couples might benefit from premarital counseling, but even people who have been through this kind of counseling may still end up divorcing. In a survey of people who had participated in a program called PREP 14 years earlier, which focused on improving couples' communication and conflict resolution skills, some reported that the counseling still did not adequately prepare them for marriage or the changes that happen over the course of marriage.