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May 2019 Archives

Social Security considerations related to divorce

Even if a married individual in Kentucky has never worked or has a low income, they can still collect up to half of their spouse's Social Security benefits. This right doesn't necessarily go away simply because a marriage ends. If a couple was legally wed for at least 10 years, a former spouse can collect on their ex's record even if he or she has remarried provided they are still single and 62 or older. The ex must also be eligible for Social Security and have benefits greater than what their former spouse would receive.

Family homes can be sticking points in a divorce

Real estate such as a marital home is generally among the most valuable assets a couple will buy during their time together. Therefore, it may be a source of frustration in a divorce. The first step in deciding what to do with a marital home in Kentucky or any other state is to get it appraised. This will help a person better understand how much equity it has. Equity is what is left over after accounting for a mortgage or other liens.

Marital incomes can affect divorce likelihood

While many couples in Kentucky aim for dual incomes and strong earnings and consider that women can earn just as much or more than men, social pressures and lingering sexism can undermine their marriages. One study indicated that marriages in which the wives earn more than their husbands are 33% likelier to end in divorce. These marriages are increasingly common since, according to federal labor statistics, around 38% of wives make more money than their husbands. However, federal analysis also shows that when these couples respond to surveys, they are likely to overestimate his income and underestimate her income.

Financial concerns for stay-at-home parents

When people in Kentucky decide to divorce, there are a number of factors that go into the final settlement. While the emotional and practical aspects of ending a marriage can be the most prominent issues at first, the financial effects of a divorce can linger long after the decree is final. The concerns about financial impact can be especially severe when one spouse is a stay-at-home parent. Across the country, around 25 percent of mothers and 7 percent of fathers stay home to raise the children. This can be a strong choice for many couples, who often value family caregiving and want to provide their children with a nurturing home environment.

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