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August 2019 Archives

Gray divorce rates producing unique challenges

Dissolved marriages involving couples 50 and older are known as gray divorces in Kentucky and other states. These types of separations, which have more than doubled in the past two decades, present a unique set of monetary challenges that can be difficult for the parties involved. According to research from Bowling Green State University, couples who get divorced after 50 can expect their financial wealth to drop by 50%. This can be a major shock so close to retirement.

What can I do for my taxes since the alimony deduction is gone?

People with significant assets have to consider how divorce will affect their taxes. Previously, when one spouse paid alimony to the other, that alimony was tax deductible for the person paying, and the person who received the payment was responsible for paying tax on the amount. Though it seems like the recipient was at a disadvantage in this situation, it generally worked out that recipients got more money. That all changed with the new tax laws that took effect at the start of this year.

Tips for meeting the financial challenges of a divorce

A divorce can create new financial challenges, but there are steps Kentucky estranged couples can take to meet them. People should set aside money for divorce costs and create a short-term budget. This budget needs to acknowledge any new expenses, such as new auto insurance or a new place to live. After a few months, the budget can be revised for the longer term.

Handling the marital home during a divorce

Many people in Kentucky feel deeply attached to the family home, even after they decide to divorce. They may want to keep the home even after the divorce is finalized. It is often important for people to engage in financial planning in order to protect their ability to keep the house after a split. There are several ways that people can handle dividing a home in a divorce, and one of the most common is to simply sell the house, pay off the mortgage and split the proceeds as part of the property division process. When the home is important enough that one person wants to keep it, other solutions may be needed.

Voluntary impoverishment and child support

Most parents who owe child support make payments on time and in full, but there are a few bad actors who purposefully under-report their earnings or earn less than their full potential just to avoid payments. This is commonly known as involuntary impoverishment, and it can leave primary caregivers in Kentucky in financial trouble. This can be a particularly difficult scenario to resolve if the parents are in a verbal child support agreement.

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

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Phone: 859-757-2978
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