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Military service members have highest rates of divorce

Although few Kentucky couples get married with the assumption that it will eventually end in divorce, not all marriages last. In fact, money problems, mental illness and stress from work can wear down a marriage to the point where a divorce becomes necessary. However, an analysis of U.S. census data showed that people who work in some career paths are more likely to get divorced by the age of 30 than those who work in others.

In a marital split-up, how will our property be split up?

Divorce can take a toll on you both financially and emotionally. One of the biggest areas of contention during the dissolution of a marriage is the division of property, especially for couples who have large amounts of property or high-value property.

Using a QDRO to divide a 401(k)

When a Kentucky couple gets a divorce and one of them has a retirement account, it will likely be considered part of the marital assets that must be divided. However, if a person wants to give some or all of a 401(k) to a former spouse, that 401(k) cannot simply be assigned to another person. Furthermore, a withdrawal and distribution to another person may incur tax and penalties.

Tips for blending families

Some Northern Kentucky residents who have been married before may be in a new relationship and want to combine households. There are a number of financial angles to consider when creating a blended family. A couple should begin by discussing their attitudes about money, spending and saving with one another. They might also discuss their long-term spending goals and what they want for their children. They should consider how they will deal with various imbalances such as the differing needs of children or one coming into the relationship with more assets than the other.

Divorce documents must include all spousal payments

Kentucky couples who are ending their marriage may learn something from a U.S. Tax Court case. In the case, a man agreed to split a large bonus he had gotten at his job with his estranged spouse, and because they both signed an agreement stating that the bonus was community property, he believed the payment would be tax deductible. Unfortunately for him, there was one requirement that he missed.

Protecting your business and being proactive in divorce

When you own a business in Kentucky, your business is most likely your pride and joy. It is also most likely your sole or chief source of income. Therefore, it makes sense for you to be concerned if you are on the brink of getting a divorce.

Dealing with finances when going through a divorce

Whenever a Kentucky couple is considering divorce, the emotions and other conflicts they are going through can make the process difficult at times. However, those who share finances may find that there are additional complexities, especially because making financial decisions at this time can have major impacts on a person's finances once the divorce is finalized. As such, there are certain things those who are going through a divorce should do when it comes to finances.

The link between divorce and male employment

Some former Kentucky couples already know that a husband's employment status may determine the likelihood of people getting getting divorced. According to research done by a professor at Harvard, men who are unemployed have a 3.3 percent chance of getting divorced in a given year, while those who are employed have a 2.5 percent chance.

The correlation between Trump and divorce

Kentucky residents may be interested to hear that President Trump is playing a role in some couples' decisions to end their relationship. According to polling firm Wakefield Research, 10 percent of couples surveyed said that they were divorcing or breaking up because of their differing political views. Millennials were divorcing or breaking up at a rate of 22 percent because of that reason.

The problem with pets in a divorce

At different times in people's lives, they may develop a relationship with a furry friend that affects them deeply. Sometimes this happens in childhood, and other times later in life. Something about that bond with a dog, cat or other creature makes the hard times more bearable and the good times even better.

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