If you and your spouse own a family business in Kentucky, it likely will become a huge factor in your property settlement agreement should the two of you divorce. As you probably know, Kentucky law mandates that you and your spouse divide your marital property, including your business, in a fair and equitable manner when you divorce.
As a married Kentucky resident considering divorce, you may suspect that your spouse is attempting to hide marital assets from you in order to better his or her financial condition in your upcoming property settlement agreement. Unfortunately, asset hiding by greedy or vindictive spouses has been going on for decades, particularly with respect to high-asset couples.
For anyone in Kentucky who is a fan of wrestling, Hulk Hogan may be a household name. After spending years in the spotlight, he and his ex-wife Linda reached a divorce settlement back in 2009. Now, the former Mrs. Hogan claims that her husband is in violation of their high asset divorce settlement.
It used to be said that as much as 50 percent of all marriages would end. That percentage is no longer quite so high. Some sources say that the drop in the divorce rate occurred due to the fact that not as many college students are getting married. For many Kentucky readers, the question may then become what drives the divorce rate.
Kendra Wilkinson Baskett recently decided it was time to end her marriage to Hank Baskett. Like many Kentucky residents, the former Playboy model admits that taking this step is difficult, but often necessary. Since Kendra and her future former husband have two children together, going ahead with the divorce may be one way in which they can save their parenting relationship.
During a marriage, most Kentucky couples pool their resources in order to make a good life together. They may use the separate assets they bring to the marriage for that to happen. When facing a high asset divorce, this fact plays a crucial role in how assets are divided.
Proponents of the new tax law that recently passed say that it will be a good thing for most Americans, including many here in Kentucky. However, not every provision contained in the new tax law provides an advantage. One area that is causing concern for some people is the fact that the tax deduction for alimony goes away on Jan. 1, 2019. On that date, those who receive alimony will no longer have to count it as income either. This could make things interesting for people anticipating a high asset divorce in 2018.
Technology has exploded in the last few decades. You can now hold in your hand a faster and more efficient computer than it took to put a man on the moon. While these technological advances make the lives of Kentucky residents better, there always seems to be a downside. One of them could be their use to invade a soon-to-be former spouse's privacy during a high asset divorce.
Most divorce proceedings are tough for all those involved. However, some believe that a high asset divorce in Kentucky is an even bigger challenge. Unlike other divorces in which the primary concern may be to reach peaceful settlement agreements, the stakes are so much higher when a successful business is involved. When both spouses were instrumental in the success of the business, it will likely be seen as a joint asset regardless of who is the legal owner. Furthermore, the growth of business assets during the marriage will also be divisible.
People in Kentucky may be aware that, since the turn of the eighteenth century, it has been said that hell hath no fury like a woman scorned. Any spouse in a high asset divorce who tries to hide his or her riches may do well to remember that phrase. The 55-year-old reality TV star, Robert Herjavec, of Shark Tank fame, who got divorced in March 2015, might be called back to court on allegations that he misrepresented his company's worth at that time.