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.
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.
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.
Cryptocurrency is a form of digital currency that's becoming increasingly accessible for individuals in Kentucky and elsewhere in the country and around the world. It's also an asset that's presenting unique challenges for divorce attorneys. The nature of cryptocurrencies like Bitcoin makes it easy for soon-to-be-ex-spouses to hide such assets when it comes time to divvy up everything jointly accumulated or owned.
Tax season is unpleasant for many Kentucky residents. However, it can provide even more challenges for parents who have recently divorced. Claiming dependents on a tax return is relatively simple for married parents, but things can get a bit more complicated for those who have split up.
When parents in Northern Kentucky divorce, issues of child custody and ongoing parental relationships are often of significant concern. In most cases, children will divide their time between the households maintained by each parent. Historically, specialists have noted that children do miss the parent with whom they are not living or visiting. Technology such as texting and social media provides some relief to parents and children during their time apart.
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.
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.
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.
For many people in Kentucky, prenuptial agreements seem like a matter for celebrities or ultra-wealthy entrepreneurs. They may not seem relevant to people of average income and wealth, especially when they are just starting out in life. Indeed, many people think of young marriages as those that are least likely to need prenuptial agreements given that neither party has had significant time to accrue serious assets, launch businesses or have existing children from prior relationships. However, some experts advise that students who marry while completing college, university or graduate school may benefit from considering a prenup.