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divorce 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.

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.

How wedding debt can lead to divorce

LendingTree recently released a survey taken by 506 people between the ages of 18 and 53 in Kentucky and elsewhere who were married in the last two years. It found that 45% of the respondents had gone into debt to fund their wedding. Of that amount, 47% said that they had contemplated getting a divorce.

Millennials more likely to have separate accounts, prenups

Millennial couples in Kentucky may be more likely to keep their bank accounts separate compared to baby boomers and Gen X according to a survey by Bank of America. A survey of the American Academy of Matrimonial Lawyers found that prenuptial agreements are also on the rise, with millennials in particular requesting them.

Retirement savings and divorce

Couples in Kentucky who are getting a divorce should be prepared to devise a new retirement plan. The plans they had when they were married are likely to have to change. Depending on their situation, some people may find saving for retirement will be easier as they will only have to consider themselves when saving. However, they also have to keep in mind that no one else will be contributing to their savings, and they will have to bear expenses on their own.

False beliefs about noncustodial parents

While noncustodial parents in Kentucky might not have physical custody, they often share legal custody. This means that they have equal power to make major decisions about such elements of the child's life as education and religion. Despite this, some people unfairly view a noncustodial parent as being less engaged with the child's life.

Documents a Kentucky woman should obtain before a divorce

Kentucky women who believe a divorce is looming in the near future should consider the importance of gathering documents prior to making things official. Because wives are often not aware of every aspect of their families' financial situations, they should take care to collect documents such as tax returns to build a picture of their financial situations. A woman who is preparing to file for a divorce should also obtain a lifestyle analysis and net worth statement.

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.

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.

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Edgewood, KY 41017

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