Divorce.
Dissolution of Marriage
Divorce, or the dissolution of a marriage, is a major life event. Each divorce is unique based upon the married couple’s assets, debts, whether children are involved, and the level of cooperation or animosity between the parties. Working within the limitations set by the statutes of the Commonwealth of Kentucky we adapt to help you navigate what can be a complicated situation.
A divorce legally begins with a petition filed by one of the married parties. From there, it can be settled amicably between the parties, negotiated through the parties’ attorneys, mediated by a third party, or adjudicated by a court of law. It can be an overwhelming process for even the most agreeable parties. Please contact us to help you gain a better understanding of what to expect if you are contemplating or in the midst of a divorce.
Prenuptial Agreements
A prenuptial agreement is a contract between two persons intending to marry that sets forth the expectations of the division of assets and debts upon the termination of the marriage. This contract is binding upon the parties and will supersede the statutes and case law governing the disposition of property and allocation of debts should the marriage dissolve. This can be a useful tool for those looking to keep their finances separate, avoid being responsible for the other spouse’s debt, or those who just want to put their financial expectations on the table before tying the knot.
Assets and Debts
Any property, real or personal, that is acquired during the duration of the marriage is considered marital property. When a couple divorces, the spouses must determine how the marital property will be divided between the parties. If the spouses are not in agreement as to the division of the
property acquired during marriage their attorneys may attempt to come to a fair settlement. A mediator may be consulted by the parties to broker a fair deal. When those options are exhausted, the parties take the issue before the court for a final decision. The court’s decision will be based upon Kentucky statutes and many previous decisions handed down by the Kentucky Court of Appeals and the Kentucky Supreme court to divide the property equitably.
Similarly, any debts acquired during the marriage, regardless of whose name the debt is incurred in, are considered debts of the marriage unless a party can prove those debts were not incurred for the benefit of the marriage or family. Statutes on asset and property division during a dissolution can be counterintuitive and should not be navigated without an attorney well versed in the nuances of the law.
QDRO’s and Division of Retirement Assets
Regardless of whose name is on a retirement account or pension, the funds that are allocated to retirement assets during a marriage are considered marital property and are divided as such. Companies, divisions of government, and other financial institutions require special procedures and an order from the court to pay out a calculated portion of the retirement asset to the receiving spouse. This process can be complicated and varies according to the entity through which the retirement fund accumulates. Our attorneys can determine the right course of action for a spouse to receive retirement funds to which they are entitled. We often work in tandem with the expert services provided by local attorney Eileen Zell and her associates (ezlawpllc.com) to ensure the process and paperwork run smoothly.
Children & Divorce
Children are the most precious asset formed from a marital relationship, whether natural born or adopted. Parents should consider counseling or an online course such as www.childreninthemiddle.com to deal with the emotional and practical consequences of children adjusting from a one household family to two households. Legally, courts consider and require a determination of the following factors according to the best interests of the children:
Child Support
Child support is based upon the combined monthly income of each parent, custody, and parenting time. The Commonwealth of Kentucky has a financial interest in ensuring that children receive the support they need to thrive. Therefore, an entire department, the Kentucky Child Support Enforcement Division, exists to determine the guidelines by which child support is determined. There are a number of circumstances that may arise when calculating child support, and many nuances to the law. Though each county’s Child Support Office and the state’s website https://csws.chfs.ky.gov/csws/ can be helpful in making a child support determination, that office does not represent either parent and may not be able to resolve unusual circumstances that can arise regarding a parent’s financial situation.
These considerations can be worked out between the parents and memorialized in a parenting agreement. If the parties cannot come to an agreement, they may go before the court in a trial. A trial involves introducing evidence, testifying under oath, and requesting a determination from the judge. Having an attorney can assist parents in knowing what their options are, what the law allows, what is worth fighting for in court, and what a parent can expect should court action be necessary.