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Fort Mitchell Family Law Blog

Prenups may protect wealthy individuals during property division

Wealth can come at almost any age. Depending on a number of factors, many Kentucky residents in the millennial generation may already be well on their way to having a substantial amount of assets. As a result, they may worry that in the event of a divorce, their assets could be at risk during property division proceedings. Fortunately, they can plan ahead with prenuptial agreements.

Though parties may feel certain that they want to spend the rest of their lives with their betrothed, they likely also know that circumstances and people can change over time. Therefore, getting started on a prenuptial agreement may be in their best interests. Because it can take some time to get the terms of an agreement just right, it is wise for parties to start working on their prenups at least a few months before their weddings are set to take place.

Alimony tax law changes only a few months away

Though changes to tax laws regarding spousal support were announced months ago, many Kentucky residents may be seriously worrying about how it will affect them. The changes to alimony tax obligations will take effect in 2019, which is only a few short months away. While some parties who have already started the divorce process may be able to easily reach their terms by the end of the year, others may struggle to do so.

Of course, individuals who want to get their divorce cases finalized as quickly as possible still have their work cut out for them. Trying to inventory assets and filing the right paperwork can take months itself. Those actions are only a few of the many steps involved in divorce.

Child custody info, talking with kids may make divorce easier

While divorce can mean major life changes, it does not have to be the end of the world. However, for young children, their parents' divorce may seem like their lives have been turned upside down, and in many ways they have been. Fortunately,  Kentucky parents can do their part to make child custody proceedings and the aftermath go as smoothly as possible.

Reassurance can go a long way with kids. During times of significant change, their emotions can run wild. It is often helpful for parents to talk with their children and make sure that the kids know that they are loved. Children may also think that the divorce is their fault, so reassuring them that they are not at fault could relieve a great deal of stress for them.

Parents may want to make child custody exchanges less contentious

The contention that can come with decisions made during divorce does not always come to an end when the marriage dissolution is finalized. For instance, Kentucky parents may have issues regarding child custody, even if they have a joint custody arrangement. In particular, custody exchanges can sometimes be points where parents have to directly interact, and it can at times cause conflict.

If there are concerns about how the exchange will go, parents can take steps to make the situation as conflict-free as possible. If having the children picked up or dropped off at either parent's home is not feasible, parents may want to find a public location to conduct the exchange. Knowing that other individuals will be around may help lessen the potential for disputes.

How cohabitation agreements work in Kentucky

Many people opt to maintain their relationship with a long-term partner without entering into marriage for all kinds of reasons. When partners move in together, their finances often become intertwined in a variety of ways. Drafting a cohabitation agreement can bring a great deal of clarity into the situation and protect both parties in the event that they decide to part ways at some point.

Kentucky law views a cohabitation agreement as a regular contract. Thus, it applies the same requirements for validity. Although the contract does not technically have to be in writing, it can be hard to enforce an oral contract. Generally, disputes concerning cohabitation agreements go before a civil court rather than family court.

Seeking sole physical child custody? What about legal custody?

Many parents who go through divorce believe that it would be best for their children if they only lived with one parent. The circumstances that lead to this belief can differ from family to family. However, it is important for Kentucky parents to understand that child custody deals with legal custody and physical custody.

Physical custody is what people think of when they consider child custody. In instances where a parent seeks sole physical custody, that individual wants the children to live with him or her the majority of the time. This type of arrangement would allow the other parent to have visitation times with the kids, which may include every other weekend or other scheduling that would suit the situation.

Materialism could play role in high asset divorce

Many details can impact whether a marriage will last. For some Kentucky residents, identifying certain commonalities that lead to divorce is important before they even tie the knot. In particular, individuals with a considerable amount of wealth often do not want to face high asset divorce, and looking for red flags before marriage could prove useful.

While wanting to protect wealth may be important to certain parties, materialism could be a warning sign that a relationship may not make it. This characteristic could result in a person placing money or property as a higher priority than a spouse, which could lead to resentment or other issues in a relationship. If a person believes that a future spouse could have this tendency, creating a prenuptial agreement may prove wise.

Is child support necessary with joint custody?

Going through divorce as a parent can be one of the most difficult parts of a person's life. Determining child custody arrangements and how child support will work can seem overwhelming, and many parents worry about how the outcomes will affect the kids. Once custody is determined, support payments are often next on the list of importance.

When it comes to child custody in Kentucky, the presumed best arrangement under state law is joint custody. While many parents may appreciate this presumption, it may raise questions about how child support will be handled. Since parents with joint custody may have close to 50-50 parenting time, it likely seems unfair to many for one parent to pay a considerable amount of support to the other.

Prenups could add protections for property division

It is common for people in Kentucky and across the country to ask themselves before marriage whether creating a prenuptial agreement would suit their circumstances. In cases where there is a considerable amount of wealth, prenups are often wise, as they can help protect that wealth but also make the situation fair in the event that divorce and property division take place in the future. However, anyone of any financial status may find a prenup useful.

It was recently reported that singer Justin Bieber had wed Hailey Baldwin and that the couple did not sign a prenuptial agreement. In this particular chase, Bieber is reported as being worth $265 million while Baldwin has a net worth of approximately $2 million. The two may not think they need a prenup because they expect their marriage to last, but in the event that it does not, Baldwin could collect a windfall later on.

How to work towards a collaborate divorce

When it comes to divorce, fighting things out in the courtroom is often the worst-case scenario. In addition to the indiscretion of having to air your private business in a public courtroom, when you go to court in a divorce, the decisions regarding the legal outcomes are ultimately left in the judge's hands.

There are so many reasons that a collaborative approach to divorce is favorable that it just makes sense to try to work for this approach in your divorce. While some couples may simply not be able to reach a collaborative solution, there are many who could go either way. With a bit of strategy and effort, you may be able to tip the scales toward a negotiation and shared solutions rather than a courtroom battle. 

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