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.
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.
The first step for Kentucky couples who need to divide their business in a divorce is to have it valuated. Once they know what the company is worth, they can decide whether they want to sell, keep or split the business.
Divorcing spouses in Kentucky who are very wealthy may have to go through a particularly complex process of asset division. Such issues have been illustrated in the case of Amazon founder Jeff Bezos, who recently announced that he will be divorcing his wife after 25 years of marriage.
Older couples in Kentucky may be getting divorced at higher rates than in the past. According to Pew Research, the divorce rate nationwide for people older than 50 is twice as high as it was in the 1990s. Divorce among older couples can present a certain set of challenges even if both parties are striving for fairness.
Kentucky families who want to protect their family businesses and wealth over the long term may be well-served by making prenuptial agreements a standard part of family financial conversation. For many people considering marriage, discussion of a prenuptial agreement can seem adversarial, mistrustful or insensitive, especially if it is the first time the issue was raised. However, for people who grew up with a level of comfort with these types of agreements, the process of proposing and executing one may be far more rational and less stressful.
Kentucky entrepreneurs who are going through the divorce process will have to address unique financial issues. The business that they solely own or co-own with a future ex-spouse may be their most valuable asset. Therefore, it's important that they know exactly how much their business is worth.
Couples in Kentucky who are getting a divorce may need to start separating their finances. For example, they might want to close any joint accounts and move their money to personal accounts. However, neither person should take everything out of a joint account, and each should inform the other about any assets they are taking such as removing valuables from the home. It is important that people do not seem to be hiding assets.
For many in Kentucky who choose to divorce, the end of a marriage is fraught with emotional and practical issues as well as long-term financial concerns. In the case of retirement funds, these often represent the single largest asset that is part of the couple's marital property, reflecting substantial savings and the result of hard work. As both parties often look towards these accounts as central to their financial futures and health, dealing with their distribution in a divorce can be problematic.
Many Kentucky couples spend years, if not decades, building up their assets. However, when a couple who has an estate worth millions or billions, those assets will have to be divided up between both parties. When it comes to artwork, determining their worth can be extremely difficult as their worth is usually estimated.