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Don't let assumptions throw off outcomes of high asset divorce

Many people in Kentucky and elsewhere have a hard time understanding finances in a variety of areas. However, when individuals are going through a high asset divorce, understanding finances can make a considerable difference in the outcomes of the cases. Women in particular may want to try to avoid certain surprises that could affect them during and after their legal proceedings.

In divorce, and many other areas of life, making assumptions can often have negative impacts. A couple of assumptions that some women may make is that the child support or alimony that they receive will be higher than the end result actually is and assuming that they will automatically get to keep the marital home after divorce. When these assumed outcomes do not occur, individuals can face a number of financial setbacks.

3 reasons to avoid court in a high-asset divorce

Are you under the impression that a high-asset divorce necessitates litigation? It may seem like the only way to divide so much valuable property between a couple that is ending their marriage is by battling it out in front of a judge, as property distribution is usually a contentious part of divorce.

However, going straight to the courtroom is rarely the best method. These three reasons show why you should try collaborative law instead.

Preparing for high asset divorce may help achieve goals

Kentucky residents may have many concerns after deciding to end their marriages. In particular, high asset divorce can be a complex endeavor, but individuals facing this type of situation can take steps to prepare before even filing for divorce. Early preparation may help prevent unnecessary issues along the way.

Because cases involving a considerable amount of wealth can have their complications, parties may want to take the time to consider their goals. When it comes to property division, individuals may want to determine what assets they want to maintain. Additionally, other possible financial-related outcomes may need considering as well as personal goals. Divorce can impact a number of areas of life, and knowing what one wants from the proceedings could help with planning for the future.

Man sentenced to jail due to failing to pay child support

Raising children is no easy or inexpensive task. When parents divorce and one parent obtains primary custody, that parent may need child support in order to make ends meet and make sure the children have what they need. Of course, some parents may not receive the payments that they should and could end up struggling nonetheless.

Kentucky readers may be interested in a case of nonpayment involving a man in another state. Reports indicated that the man was charged with nonsupport of child, which is a felony, after not making support payments for over 14 years. The man recently appeared in court to address the allegations against him, and he pleaded guilty to the charge.

Divorcing parties may be considering alimony more closely

There are some people who may think that spousal support is outdated or unnecessary. However, alimony continues to be awarded in numerous divorce cases. Currently, individuals ordered to pay support can deduct the amount paid from their taxable income. After the end of the year, that will no longer be the case under federal tax law.

Kentucky residents currently going through divorce or who believe they will be in the near future may want to pay particular attention to these tax law changes. It is possible that parties may feel more reluctant to pay spousal support because they will no longer be able to count that deduction when tax time rolls around. As a result, individuals may want to consider ways to reach the outcomes they desire.

Kentucky residents may worry about unfair divorce outcomes

Though making the decision to end a marriage can be tough, so can the idea of not gaining the best settlement after legal proceedings. Most Kentucky residents facing divorce may have a fear that their end results will be unfair or that the process will seem unfair overall. While there may be little individuals can do to completely dispel this thought, they may be able to take action to work toward the best outcomes possible.

One issue that could potentially cause individuals to feel cheated involves one party hiding assets. Unfortunately, it is not uncommon for people to attempt to hide property or rearrange funds in hopes of keeping them from being included in the property division process, especially in high asset divorce cases. If an individual gets away with this action, it may understandably feel unfair.

What will happen during your first divorce consultation?

Kentucky has a relatively high divorce rate compared to other states. Lawrenceburg, Kentucky has the highest divorce rate out of any other city in the state, and 22.2 percent of the population of this city have gone through divorce. 

Every divorce needs to begin somewhere, and you will absolutely need to hire a divorce attorney to assist you during this time. Before hiring anyone, you will want to schedule an initial consultation to review your case. You will naturally go through a lot of emotions during this time, and you may wonder what this meeting will entail. Here is what you need to go into your divorce consultation expecting. 

Avoid taxes when dividing IRA funds in a high asset divorce

Most Kentucky residents rarely look forward to dealing with money issues. When those issues come about due to divorce, the situation can seem even more unpleasant to think about. Of course, high asset divorce can easily have complications, and individuals needing to divide IRA funds as part of the process will certainly want to ensure that they do not fall victim to undue taxation.

Because the use and withdrawal of retirement funds often leads to taxes and fees, individuals going through divorce need to ensure that they transfer IRA funds properly. The Internal Revenue Code must be followed in order for individuals to avoid facing taxes or failing to obtaining their due property. If divorcing parties want to divide these funds without penalty, they need to make sure that they have a decree of divorce or legal separation agreement.

Planning ahead could help property division go more smoothly

When individuals decide to leave unhappy and unhealthy relationships, one of their first thoughts may revolve around their stuff. Most people have a great attachment to their property whether due to monetary value, sentimental value or other reasons. During divorce it can be difficult to see assets divvied up, but property division is a major aspect of the process and often requires considerable attention.

If Kentucky residents want to get through their asset division proceeds as best as possible, they may want to take a step back and assess their situations. Though they may think that they should try to get as much as possible, it may be wiser to actually determine what they truly want. By having an inventory of assets and determining what they want, need and could do without, parties may have a better chance of successfully working through division proceedings.

Negotiating child custody conflicts may avoid trip to court

Because children tend to be the most important aspects of Kentucky parents' lives, these parents often find themselves willing to make substantial sacrifices to make sure their children lead good lives. In some cases, parents may need to make a personal sacrifice by continuing to interact with each other after divorce due to child custody arrangements. Though joint custody can often help children have strong relationships with both parents, this arrangement is not always free of conflict.

In fact, many conflicts could arise between parents that could even lead one or the other to consider seeking custody modifications. In order to convince the court to take such action, the issues between parents must be substantial. If one parent abuses the children or completely ignores the terms of the custody arrangement, seeking a change may be worth the effort.

Divorce Information

Contemplating divorce is difficult. Whether or not you are sure you want to end your marriage, it helps to learn the basics of divorce law.

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