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.
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.
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.
No matter how long you've been married it's always difficult when your spouse says that it's time to file for divorce. Whether it's a total surprise or you knew it was coming, divorce is never an easy situation to handle. There's a lot of items that you need to divide, including money and collectibles. But, what if you have a lot of artwork? Let's explore how you can divide the artwork from your marriage in a Kentucky divorce.
If you are going through a divorce in Elizabethtown, you need to be prepared for the days after it is finalized. One of the most important things you must do when the divorce is finalized is to update all of your personal documents. You will need to take your former spouse's name off the documents and update your name if you changed your last name.
Your spouse asks for a divorce. Knowing you need to split up the value of the house, you decide to sell it. It just seems like the easiest solution. You know you'll make money, and dividing that money is simpler than trying to figure out who keeps the home, if the children get to stay in it, if you need to share it, how to move it into one name and all the rest.
A divorce can become contentious for many reasons. Perhaps both parents want sole custody of the children. Perhaps one spouse does not want to get divorced at all. Or, maybe parents cannot agree on the true value of their home; one person wants to sell the house and the other wants to keep it. When people's expectations and desires do not line up, it can get complicated.
During your marriage, you always felt like you and your spouse had plenty of money for everything you wanted. You were fairly hands-off with the finances, letting your spouse run things, but you never got the sense that money was tight. You never wanted for anything.
If you are headed for divorce in Kentucky, there are plenty of things you need to focus on as you prepare to meet with your spouse. You should never walk into a meeting with your spouse and their attorney unprepared. You need to know what it is exactly that you want out of the divorce. Let's take a look at the things that could go wrong during an uncontested divorce, which is one where both parties can mutually agree on the most important issues.
When the topic of divorce comes up in your marriage you will either be ready for it or completely taken by surprise. Whatever your situation, you need to begin to prepare for what's to come. This includes dividing the marital property. Here are some tips for dividing the most difficult assets of a marriage so you know what to expect.