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Financial aspects of divorce can be important later in life

For over 25 years, divorce has become increasingly common for people over the age of 50 in Kentucky and across the United States; since 1993, the rate of divorce among this age group has more than doubled, and the numbers continue to indicate an upward trend. The end of a marriage can be especially complicated for long-term couples choosing to divorce after a lengthy partnership, as the couple is likely to have a deeply entangled financial life and extensive assets.

Transitioning to single life requires planning during divorce

Kentucky couples in the midst of a divorce may look to the signing of the final decree as the finish line in the process. Getting the judge's signature on the dotted line is a major milestone to be sure, but there is still work to be done afterward. It can be helpful to think of the court order as marching orders for the parties with a list of benchmarks that they have to meet. It is up to the individuals involved, along with their legal advisors, to carry things across the actual divorce finish line.

Divorce rate could rise in 2018 due to tax changes

The new U.S. tax law changes signed by President Donald Trump in December 2017 could cause some unhappy Kentucky couples to hasten their divorce plans. Under the new tax law, it could be more expensive to pay spousal support. Since the changes do not go into effect until the beginning of 2019, people who finalize their divorces in 2018 will not be affected.

Annual tax filings can see major changes with divorce

Spouses in Kentucky going through divorce may be concerned about the financial implications of ending their marriage. From asset and property division to spousal and child support, divorce can have a major impact on the financial health of both partners. There is an additional financial change after divorce that is often left discussed: changes to tax filings as a result of the end of a marriage.

Establishing a parenting plan

When parents in Kentucky decide to divorce, the children are often a priority. No matter how unhappy the parents may be with each other, they each maintain a strong commitment to their children. For that reason, crafting a parenting plan that supports these essential bonds is important.

How to rebound financially from divorce

A divorce can have a significant financial impact on Kentucky residents and anyone else going through this process. Individuals may lose savings accounts, retirement accounts or access to portions of their business assets. However, there are ways in which individuals can recover financially after their marriage comes to an end. One of the best ways to do so is to create a budget that reflects a person's new fiscal reality.

How divorcing couples keep tabs on each other today

Advances in technology may make it easier for Kentucky residents to spy on or track their former spouses. One woman found that a GPS device had been placed on the tire of her car, which allowed her ex-husband to know exactly where she was going and when. In this case, the police declined to pursue charges against the husband because he had an ownership interest in the vehicle.

Study finds some financially insecurity among divorced

Even though divorce ends about four in every 10 marriages, many married people in Kentucky might be financially unprepared for a separation. A survey conducted by Head Solutions Group for TD Ameritrade found that almost two-thirds of married people were not prepared financially for being widowed or divorced. Despite this, more than 70 percent of men and over 60 percent of women reported a feeling of confidence that they would effectively manage such a situation financially.

What to do when facing parental alienation

Kentucky parents who have divorced an ex-spouse with a personality disorder might be in more danger of experiencing parental alienation. Some parents may attempt to manipulate their children and cause them to turn against the other parent. The child may then deny that the other parent has had anything to do with any change in their behavior.

When alimony isn't actually alimony

If payments qualify as alimony, they may be counted as income to the person who receives it and a tax deduction for the person who makes the payment. However, it is important for Kentucky residents to understand that not every payment in a divorce is classified as alimony. For instance, child support payments are not considered income or considered deductible for federal income tax purposes. Payments that are labeled as anything other than alimony are also not alimony for tax purposes.

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

Toll Free: 866-342-1559
Phone: 859-757-2978
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