Hoge Partners, PLLC

Louisville Family Law Blog

Areas of your child's life to include in child custody agreements

A child custody agreement outlines what both parents are responsible for when they are dealing with the children. When the divorce is first filed, they will usually enter into a temporary order, but they still have to determine the terms of a permanent order. This has to encompass many aspects of the custody arrangement.

One of the most important facets of this is the schedule. The order should clearly state when the child will spend time with each parent. This should include a basic schedule, as well as specific provisions for holidays and special days.

Valuation is a key point for divorcing small business owners

Divorce is a challenging journey for many people; however, small business owners have to think about more than just the way that the split is going to impact their personal life. There is a chance that it will also affect their company. If the business is considered marital property, you will likely need to go through the valuation process to determine what needs to happen during the divorce.

Because there is a chance that the company will have to be included in the property division process, you need to know the value. The valuation looks into more than just the revenue of the business, which is helpful when you are trying to balance everything out.

Who gets the house in the divorce?

Most divorcees just want their fair share in a divorce. In Kentucky, divorce courts use an equitable distribution model to divide a couple’s marital property. That means that a court can split property 50-50, 70-30, or any other proportion deemed fair.

Where you’ll live after your divorce is likely a concern of yours. However, determining who receives the family home in a divorce depends on several factors. This is assuming that you and your ex never drafted a pre or postnuptial agreement that determined the fate of the house.

High-conflict divorce can lead to detailed divorce orders

Having to deal with all the contention of a high-conflict divorce can have a negative impact on your mental health. Not only do you have to become familiar with the laws that apply to your case, you also need to look at how your emotions might affect the decisions that you make. This volatile situation can also harm your children.

One of the most difficult aspects of a high-conflict divorce is coming to the realization that you might not have a say in what happens with the divorce. You won't be able to work out the terms of property division or child custody. Instead, the court will make those decisions because you and your ex aren't able to compromise.

Temporary parenting plans bridge the gap to permanent ones

When parents decide to divorce, having a plan for the kids must be a priority. You might be so focused on the long-term parenting plan that you forget that you can set a temporary plan to follow while you work out the terms of the permanent one.

The key to the temporary agreement is that it only needs to focus on the next few months. You don't have to think beyond that, so you should be able to do what is best for the kids right away. There are two key points that you need to decide right away – where the child will live and how the parenting and visitation schedule will go. If there are any major holidays or special events coming up soon, include those in the temporary plan.

Finer points of property division in high-asset divorces

Individuals who are going through a divorce might have to deal with retirement accounts. These take special consideration because there are significant financial and tax implications if they are mishandled. For any qualified plans, such as 401(k)s, the only way to transfer the asset from one party to the other without having to face those is to have a qualified domestic relations order.

This court order outlines how to divide the account and identifies both parties. The court issues it and the plan administrator must accept it unless there are problems with it. When the plan administrator does note that something is amiss, a notice outlines the steps to take to correct the error. The QDRO is accepted once those errors are addressed.

What is a postnuptial agreement and why do you need one?

Few newlyweds exchange their vows with the expectation that their marriage will end in divorce. The start of the marriage is one of the high points in the union but at some point, life will test your relationship. While no one plans to get divorced, it’s no longer an uncommon event.

There are many reasons and ways that people choose to protect themselves from divorce. Some people will enter into a prenuptial agreement before the marriage, but postnuptial agreements also exists for the same purpose.

Create a peaceful and organized home for your kids

Every aspect of your child's life can have an impact on how they are shaped for life. One thing that parents need to do is to foster a sense of independence in them. You might remember when your kids went through the phase where they had to try to do everything alone. While you probably don't want to go back to that, they do need to know how to do things in the future.

The way you have your home organized can have an impact on your children, so it is best to think carefully about how you set everything up. The key here is to make it possible for them to do as much as possible for themselves without them having to struggle much. This doesn't mean that everything will be easy for them. It simply means that they have the tools they need to improve the chance of success.

Plan a prenuptial agreement carefully to preserve validity

A premarital agreement is something that you and your future spouse need to discuss. The terms have to be mutually protecting, and the document can't favor one person. It is necessary to ensure that you have everything in order with it because any errors can mean that it is thrown out when it is time for you to call on the protections it provides.

Because this document can't be signed in a rush, you should discuss it as early in the engagement as possible. This allows time to negotiate the terms and for both parties to thoroughly review it to ensure that it is set up in the agreed upon manner.

How will child support affect your taxes?

The new Tax Cuts and Jobs Act (TCJA) has left many Americans wondering about the impact on their taxes. You may have heard how spousal maintenance is no longer allowed as a deduction. As a divorced parent, you are much more concerned about how the new tax law affects those who pay or receive child support. Here is what you need to know.

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