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Posts tagged "Divorce"

How to prepare for a divorce

While many Kentucky residents, summer is a favorite season. The kids are out of school, the weather is perfect for spending time outdoors, and it is often a great time to take vacations. For some families, however, summer may also be the time to start planning for divorce.

Student loan debt in a divorce

When people in Kentucky get a divorce, debts that they brought into the marriage, such as student loan debt, are usually considered individual property, and the person will be solely responsible for them after divorce. However, if a person takes out student loans during the marriage, both spouses may be responsible for part of them.

Shifting gender roles can lead to divorce

In marriages where the husband and wife assume traditional gender roles, the risk of divorce can rise significantly when those roles change. A common example of this in Kentucky and around the country is when the woman earns less than her husband at the start of a marriage but experiences a sudden surge in income as her career improves. This often means the wife has less time to take care of household chores and care for the children, shifting the burden of these activities onto the man.

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.

To-do list for after the divorce

There are a number of tasks that soon-to-be ex-spouses in Kentucky may need to complete once the divorce is final. For example, many people want to change their names on their driver's licenses, Social Security cards and other documents after the divorce.

Prenuptial agreements are becoming more commonplace

The period leading up to marriage is a busy time for Kentucky couples who are preparing to embark on a life-altering journey, and discussing legal matters is not high on the list of romantic topics. Some people argue that doing so casts a pall on the upcoming nuptials. This is especially true when the subject is a prenuptial agreement. However, prenups are not only more commonly accepted as worthy of consideration, but they are also finding their way into the basic framework of many marriages.

Tips for dividing a business in divorce

Dividing a business can be one of the more difficult elements of divorce for people in Kentucky. First, it is necessary to determine the value of the business. Then a couple must decide whether one person will buy the other one out, if they will keep on running the business together or whether they will sell the company.

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