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February 2019 Archives

How business owners can prepare for divorce

For business owners in Kentucky, divorce can carry some unique complications. While ending a marriage is always a significant financial issue, this can be especially true when a company is involved. Because of the major effects that a divorce can have on a firm's viability, many business owners may want to plan for divorce before it happens. Indeed, many investors or business partners may even insist on some kind of preparatory measures as a condition for becoming involved. Of course, many spouses are involved in starting a business together, but making a plan can help to protect the business at a later time.

Is there anything special I need to do to prepare for divorce?

If you are ready to end your marriage, you may want to jump right in to divorce proceedings so you can get it over with and move on. While feeling that way is understandable, acting on that feeling may be a mistake. You and other Kentucky residents in your same position can benefit by making sure you take the proper steps to prepare for your divorce before pulling the trigger.

Why a prenup might be right for a second marriage

Younger couples in Kentucky who have never been married before might be entering the marriage with few assets and see no reason for a prenuptial agreement. However, couples in their 50s and 60s who are getting married for a second time may have accumulated a number of assets they want to protect in case of a divorce. A prenup can outline how property should be divided and can even specify that the couple wants to try an alternative dispute resolution method, such as a collaborative divorce, instead of litigation.

Paying child support while disabled

Parents in Kentucky and other states may be required to pay child support even if they become disabled. However, a disability may make it difficult as a practical matter to work for the money needed to make those payments. The circumstances surrounding a noncustodial parent's disability will play a role in determining that person's ongoing support obligation. In most cases, a court will issue a temporary modification if the disability is expected to be temporary.

Costly divorce mistakes

Married couples in Kentucky who are thinking about splitting up should carefully consider what they do before and during the divorce process. Certain actions and decisions can result in very expensive consequences. It's important that separating spouses take care to avoid these mistakes when a divorce is on the horizon.

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