If you and your spouse represent one of Kentucky’s high-asset couples, you likely own several antiques and perhaps many of them that your either inherited from family members or bought over the years. While all of them undoubtedly have sentimental value, however, do they have actual value? This is the question you will need to answer when you negotiate your property settlement agreement in the event the two of you divorce.
When people think of the divorce process, many picture courtroom drama and intense bitterness. People may envision a great deal of hostility and a very time-consuming and costly process. However, divorce does not always have to be so tough and there are a number of techniques that can streamline the end of a couple’s marriage. For example, people who are on good terms with each other may have an easier time working through their divorce, which underlines the importance of trying to maintain a positive connection with your ex as you work through your divorce.
Kentucky couples like you who are on the high earning side of the spectrum will have a lot to deal with during your divorce. High asset divorces can be tricky for multiple reasons, not limited to the fact that having so many assets to keep track of can make it easier for certain pieces to be hidden.
Division of retirement accounts is often a significant concern for couples in Kentucky going through a divorce. In fact, according to CNBC, a 2016 survey of matrimonial lawyers found that pensions and retirement accounts were number two on the list of top contentious issues in a divorce, second only to alimony. Further complicating the matter is the fact that the rules that govern the division of retirement accounts differ depending on what kind of account(s) you have. The divorce decree may specify the division of an individual retirement account, while a court must order the division of a workplace retirement plan, such as a 401(k).
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.