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Elizabethtown, Kentucky, Law Blog

Why you should sell the marital home prior to a divorce

Owning a home while going through a divorce can be detrimental to your situation, especially your taxes. Many couples will keep the marital home even after the divorce has been finalized, with one of the spouses living in it with the children. Others will sell the home after the divorce. It's even better for you to sell the marital home prior to the divorce, and we explain why in this post.

The timing of the potential sale means a lot. If the market is hot well before you have filed for divorce, but the two of you agreed that it is time to file for divorce, it might be best to sell the home prior to the divorce being finalized. Take advantage of the market if you know where your marriage is headed.

Stay-at-home moms and getting a fair amount of alimony

Divorce will certainly have a financial impact on both parties, and one of the main goals that you have during this process is probably to secure the most reasonable financial settlement. This is especially important for individuals who are stay-at-home parents. If you depend on your spouse for some or all of your financial needs because you do not work, you understand how important it is to protect your long-term interests during divorce. 

Stay-at-home moms face unique financial challenges in a divorce. Around one-fourth of all mothers choose to stay home with their kids, many of them giving up successful careers to do so. You may not have a high-paying job, but that does not mean you do not have a valuable role in your Kentucky family. You have the right to fight for a final divorce order that reflects your true value and contributions to the family.

How support groups can help with divorce

If you are about to file for divorce, are in the middle of a divorce or have recently finalized a divorce, a support group might help you deal with the emotions that come with such a stressful situation. Let's take a look at how support groups can help deal with divorce so you can make an informed decision about joining one.

One of the biggest benefits of a divorce support group is that it is comprised of other people who have gone through divorce just like you. Everyone who attends one of these groups has either finalized a divorce, is going through a divorce or has been through multiple divorces.

Talking to your children about shared custody

Shared custody is a common method of parenting in Kentucky. Even parents who don't seem to get along with each other find ways to make shared custody work. Remember, everything you do in a custody agreement is to be done in the best interests of your children. Let's take a look at how you can talk to your children about shared custody in today's post.

The entire family needs to sit down and talk about shared custody. This includes you, the other parent and all of your children. This conversation should be held with everyone at the same time in the same room. The conversation should never be held separately with your children. They all deserve to know what is happening at the same time.

Explaining how inheritance is separate property

Property division is an important part of divorce in Kentucky. It can also be a very challenging and stressful part of the process, especially if you and your spouse are nowhere near on the same page. One asset that is not considered marital property when going through a divorce is an inheritance unless it meets certain criteria that makes it eligible to be divided.

For the most part, the laws regarding inheritance keep it separate from marital property, especially if only one person inherited the money. Since a will typically names individual beneficiaries, this document is good enough to keep inheritance separate from the other spouse when going through a divorce.

The negative impact of child custody battles

Your children are precious. They are impressionable. They are also fragile. You need to do everything possible to protect them, especially when it comes to a fight over their custody. You should never put them in the middle of this fight. It should be kept private as much as possible so they are not emotionally affected by it. But, if they are, they could experience some of the following negative impacts.

A child can become withdrawn during a child custody battle. This can become a big problem if they were very open in the past. When a child becomes withdrawn it could turn into a serious issue where they stop talking to adults, stop sharing their feelings and even become angry with all those around them.

How do I protect my digital life after a divorce?

Most people never think that a divorce will happen to them. However, any married person faces that possibility, especially in today's world. At this time in history, almost 50% of marriages in the United States will end in a divorce.

If you are one of those people who is considering splitting with your spouse, you might know how important it is to ensure that your assets and physical possessions are protected. What many people here in Kentucky and elsewhere fail to consider is the affect divorce can have on their digital life. Experts have several tips for anyone who is getting divorced on how to safeguard one's online life.

How divorce can indirectly impact your credit

Divorce will have many impacts on your life, including your financial life. But, these impacts will not be direct when it comes to your credit score. A credit report does not mention whether or not you are married, which means filing for a divorce will not reduce your credit score. There will, however, be indirect impacts from the divorce that hurt your score.

Have you decided to keep the home in the divorce? This could be a bad idea if you still have a mortgage. Why? The mortgage will need to be refinanced in order to remove your former spouse, which puts all of the debt on you and your credit. That's why it's best to sell the family home and split the proceeds.

Tips for attending events as a co-parent

Living as a co-parent because you have a child custody agreement in place is never easy. Even if you get along with the other parent, there will still be difficult times dealing with each other. Some of those times could very well include events involving your children, such as sporting events, plays, musicals, science fairs and more. Today, we will provide you with some tips for attending events as a co-parent in Kentucky.

You need to respect the distance your co-parent requires from you. So, if they do not want to sit next to you, stand with you or even talk to you, you must respect this. It's perfectly all right to attend the same event so long as you honor their wishes and don't step on their toes.

Tighten spending or risk losing more in divorce

Going through a divorce is never easy. Even if you knew it was coming you still might struggle with the idea of ending the marriage. Either way, you need to be prepared for all that comes with getting a divorce in Elizabethtown. One way to prepare for divorce is to tighten your spending. If you continue to spend money on items that are not necessities, you could risk losing more in the divorce.

When getting a divorce, you need to monitor your spending more than you've ever done in the past. This will help reduce the amount of money you will need to pay your spouse in alimony or have to divide between the two of you. Only spend money on the following necessities and do so in moderation:

  • Housing
  • Clothing
  • Food
  • Insurance
  • Vehicle