The financial aspects of divorce can be complex for many divorcing spouses. If you are considering filing for divorce, you may be hesitant to do so purely because you are worried about struggling financially in the years to come.
It's important to observe state laws when determining how assets will be divided during your divorce. All states follow one of two legal doctrines: community property or equitable distribution.
It's no big secret that a divorce can make you happier in almost every aspect of your life. Staying in a bad marriage just for the sake of doing so is wrong for both your emotional and physical health. You just shouldn't do it. Once you realize divorce is the best option, you should welcome the following reasons why you will benefit from getting a divorce.
When you decide it's time to file for divorce, you need to get all your ducks in a row, including your assets. Every single asset must be disclosed when going through a divorce. You will sign a financial disclosure form attesting that you've disclosed all your assets. If an offshore account is found, you could wind up in a difficult legal situation.
One of the most important things to remember when going through a divorce is that you are never alone. You might feel like you are alone, but there are family members and friends who are willing to help you navigate the stressful waters of divorce. You just have to ask. Some people are uncomfortable offering help because they don't want to overstep their bounds.
Have you decided to get married again after your divorce? Only 17% of people do so after their first marriage ends. If you have made this decision, it's important to know how you can protect your children and their inheritance during a second marriage.
Going through a divorce is never easy, even if you and your spouse find it easy to communicate with each other. It's still a difficult and challenging time in your life where you need to admit that your marriage could not succeed. Many people will find it difficult to accept, but you need to do everything possible to communicate appropriately with your spouse for the divorce to move forward quickly.
Has your marriage soured to the point where you have contemplated filing for divorce? If so, you likely continue to weigh the positives of divorce against the negatives of staying married. Maybe you have children with your spouse. Maybe you are simply too comfortable and are worried about being single again. Let's look at some reasons why getting a divorce is often better than staying in a bad marriage.
When you or your spouse files for divorce it is a change in your life as you know it. Going back to being single, with one source of income, can be a major change to adjust to in Kentucky. When you go through the divorce process you will be asked to disclose your assets. You should never lie about any of your assets, or try to hide them, as you could be hit with serious consequences.
If you are preparing to file for a divorce in Kentucky, and you earn a pension, you need to know how to protect your pension if at all possible. Most pensions cannot be touched until the recipient has retired, which means if you withdraw money prior to retirement, you will be penalized. But what happens if you get divorced prior to reaching retirement? What happens to the pension?