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Dissolving a marriage means separating assets

When people in Kentucky prepare to divorce their spouse, often one of their greatest concerns is how this significant decision will affect their financial future and their ability to live independently after sharing a life with someone else for so long. While separation of a couple's assets may be lengthy, stressful and disappointing at times, there are things that people can do to facilitate the process and reduce the negative effects it may have on their life. 

According to CNBC, one of the biggest mistakes that divorcing couples can make is to decide to maintain their joint financial accounts. This growing liability can be extremely risky once their divorce is finalized and be the foundation for ongoing disagreements and frustrations. Some of the other mistakes that people should avoid when it comes time to split their assets include the following:

  • Tying too much emotion into certain possessions.
  • Pulling everything they can out of retirement accounts.
  • Ignoring money that has appeared to have gone missing. 

Are there mistakes to avoid in a divorce?

Sometimes when you get a divorce in Kentucky, you are your own worst enemy. There are things you may do to make the settlement turn out badly. It can help if you go into the process knowing what not to do ahead of time. Here are some mistakes to avoid in a divorce as noted by CNBC.

The first mistake is not understanding the laws in your jurisdiction. You cannot go into a divorce situation without understand what the law says you can get, such as alimony and asset division. You need to learn about the applicable laws and how they will affect your case.

The injury-in-fact trigger theory

According to FindLaw, Kentucky insurers have a duty to act with good faith when handling a claim. "Good faith" means that insurers must thoroughly investigate each claim, respond to each claim promptly, to pay or deny the claim within a reasonable time frame and, if denying the claim, to provide a thorough explanation detailing the reasons for the denial. FindLaw further details what breach of duty may look like.

If an insurer breaches its duty to an insured by engaging in conduct that constitutes an unfair settlement practice, the law considers it to have acted in bad faith. When bad faith occurs, the insured has the option to file a bad faith lawsuit. When this happens, it is then up to the insurer to prove that it did not, in fact, act in bad faith, and up to the insured to prove that the wording of the policy does provide for claimed damages.

Can you get an annulment in Kentucky?

If you are like most people whose marriage is falling apart, you likely want to know how you can quickly and easily end the union. You may have even considered getting an annulment. While annulments are fairly easy to obtain because they acknowledge that the marriage never happened, very few couples actually qualify for an annulment. Moreover, those who do qualify must apply for an annulment within a specified period of time, otherwise they too forego their right to an annulment.

According to FindLaw, the state of Kentucky will only grant an annulment if your marriage is void. Your marriage may be void if you or your spouse obtained the marriage through force or fraud or if you or your partner lacked the physical capacity for marriage. Physical incapacity refers to mental illness, impairment by drugs or alcohol or impotence.

What are some common issues insurance companies face?

The insurance field is very unpredictable. That is the nature of the game. However, insurance companies in Kentucky have to prepare for anything. This includes issues with customers and with the industry in general. Here is a look at some insurance issues companies may face in the near future, according to Property Casualty 360.

A rapidly aging workforce is a major concern as many insurance workers come to retirement age within the next ten years. There needs to be new workers ready to fill those roles and keep the industry running smoothly. At the same time, this problem plagues many other industries and impacts insurance in a variety of ways, such as increasing health insurance costs and increased payouts for life insurance policies.

Lessening the likelihood of restaurant slip-and-fall accidents

As a Kentucky restaurant owner, you know you have many responsibilities. You need to make sure you stay in the black when it comes to your business finances, and you need to make sure that you provide a quality dining experience for your patrons. You also have numerous other tasks to attend to, including keeping your employees safe on the job.

You likely understand that working in a restaurant can pose many safety hazards. For this reason, you carry workers' compensation insurance to cover the costs that an injured worker may endure after an on-the-job accident. However, you undoubtedly also want to make sure that the claims made against your insurance are legitimate.

Communication during bankruptcy and divorce

If you and your spouse in Georgia find yourselves facing not only extreme financial problems but also the potential end of your marriage, you are not alone. Money is known to be a contributor to marital strife for many couples and even to be a factor in many divorces. When you are in this situation, you will need to carefully assess your decisions about not just how to break up your assets but also your debts during your divorce. When serious debt is in play, your ability to communicate with your spouse may help direct some of your options.

As explained by My Horizon Today, bankruptcy may often help people out of bad financial situations and set them up for better financial futures. If you and your soon to be former spouse are to consider filing for bankruptcy before you get divorced, it will be essential that you two are able to communicate and cooperate well with each other. If you can do this, then you may be able to consider filing for a joint Chapter 7 bankruptcy plan.

How will divorce affect my taxes?

Divorce takes its toll on anyone, but one way you may not consider how divorce will affect you is during tax time. This life event can have major tax implications, depending on what your marriage was like or your divorce agreement included.

This is especially true since Congress passed the Tax Cuts and Jobs Act (TCJA) in December 2017. These changes take effect January 1, 2019, and they could cause extra stress for couples who are seeking a divorce or are already divorced.

Creating a welcoming space for your child in your new home

As your divorce proceeds in Kentucky, you have decided that it is best that you relocate your home. This decision will enable you to move on and continue to positively and effectively reestablish your life as an independent person. At Fowler Bell, we have helped many people who are coping with the challenges of getting a divorce. 

One of your biggest hesitations about moving may have to do with how to help your child accept the change and thrive despite the upturning of his or her routine. Thankfully, you can do things that will make your new home a welcoming and exciting place for your child whenever he or she comes to visit or live temporarily. According to Parents, some of the things that you can consider doing include the following:

  • When your child comes to visit for the first few times, keep activities relaxed and low-key. Doing simple things such as reading together, doing a puzzle or going for a walk will allow your child time to transition without feeling overwhelmed. 
  • Once you select a room for your child to stay in, consider having him or her help you make decisions about where the bed will go and what type of decor should be used. It is also helpful to incorporate some of the things you know that your child likes to give the room a sense of familiarity. 
  • Never compete with your ex in providing the most exciting and most posh place for your child to live. Doing so can damage relationships and put a strain on what may be an already fragile circumstance. 

How old do you have to be to get married?

Most people look at marriage as an adult activity. However, up until recently in Kentucky, marriages were not limited to just adults. In fact, according to WAV3 News, the state had the highest number of child marriages in the country. In 2018, though, the governor signed a new law banning marriage for those under the age of 18.

Previously, all it took for anyone under the age of 18 to get married was parental approval. A parent could sign a form allowing the marriage. The problem with that was many times the child had no option to give consent. If the parent signed the form, the child got married. This led to many issues with abuse situations where children were marrying much older individuals.

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