Preparing for marriage is stressful. You have so much to plan, including the location, the honeymoon, where you will live and more. One thing you need to plan for is keeping separate property separate once you become a married person. There are some key steps you can take to keep your already separate property separate in the event the marriage ends in divorce.
When you hear your spouse utter the word divorce for the first time, you will be shocked, saddened, disheartened, stressed and very emotional. Even if you had a sinking feeling in the back of your mind that this day would come, it is still difficult to wrap your head around. In order to prepare for a divorce, you need to take some important steps financially in Kentucky.
Financial gifts can become quite a problem when a couple decides to get divorced in Kentucky. Many people understand what assets can and cannot be divided when filing for divorce. However, many don't understand what happens with financial gifts that have been received by one or both spouses during the life of the marriage.
In order to divide non-monetary assets, you may need to have a valuation done. The assets could be worth more or less than you paid for them, so never assume that purchase price determines their worth.
When divorce arrives on the scene of any marriage, it is not always easy to know where to draw the line between legitimately protecting your interests and treating your divorce fairly. This is particularly difficult for spouses who own a business. Unlike other assets, businesses often support many others outside of a marriage, so it is often very difficult to fairly divide a business as an asset without seriously affecting many other individuals, such as employees, vendors or customers.
When a couple who owns a home divorces, determining how to address this significant asset is often one of the most crucial aspects of the entire process. For many couples, the home they bought as a part of their married life together is the single largest asset either of them has, making it very difficult to fairly divide the asset and finalize the divorce.
Even if a couple enters into a prenuptial agreement before marriage, the process of planning a divorce may prove that the agreement is invalid. If the agreement is not written fairly, one spouse or the other may successfully challenge it and secure different terms.
Here in Kentucky, we use equitable distribution guidelines to govern how couples split their assets and liabilities when they choose to divorce. Unlike several other states like Texas, New Mexico and California, which require spouses to split up their marital property evenly, spouses in Kentucky enjoy some flexibility in their property division negotiations.
Until a marriage begins to fall apart, many spouses see no reason to concern themselves with which of them legally owns what. After all, part of the appeal of marriage is the "what's mine is yours and what's yours is mine" aspect of the relationship. Unfortunately, this often makes things much more difficult when it comes time to separate property in a divorce.
If you own a pet, you understand that they are as much a part of the family as you or your spouse or your children. In fact, to many spouses, pets are the de facto children in the marriage. This can make divorces especially difficult when it comes time to decide who should keep the pet in a divorce.