Hoge Partners, PLLC

Louisville Family Law Blog

Joint custody: Kentucky law sets this as the presumptive standard

In 2018, Kentucky became the first state in the country to have a law that presumed joint custody was the best option for the children whose parents were divorcing. When Governor Matt Bevin signed the bill into law, there were people on both sides of the matter who had very strong feelings about what it was going to do. There are a few things that have to be considered about this bill if you are a parent that is currently going through a divorce or think your marriage is heading toward dissolution.

First, the bill does have a provision that will prevent a parent from having custody of the child if that adult committed acts of domestic violence against the other parent or the children. It is up to the judge presiding over the case to determine if this is a factor in the case. Some people aren't thrilled about this point because they argue that there is a chance that a person who was abusive in the home might be able to gain custody because there weren't ever domestic violence charges filed.

Business valuation is critical in a contentious divorce

Going through a divorce when you own a business adds another level of difficulty to an already challenging situation. You have to think about the property division process as it relates to your personal affairs, but you also have to consider the business that you worked so hard to build.

The fate of the business is set already if you addressed it in a prenuptial agreement. If this is the case, you need to review that agreement to find out what is going to happen.

What happens to retirement benefits during divorce?

Dividing your property may be one of the most difficult parts of your divorce. Deciding what you are going to keep and what your spouse is going to keep can be emotional, but it can also affect your long-term goals, like retirement.

Retirement benefits that you or your spouse earned may be divided during your divorce. However, there are many factors that can affect if the benefits will be divided and if so, how much of the benefits each spouse is entitled to.

Mistakes made during high-asset divorces

Mistakes made when dividing property during a divorce can lead to a needless waste of money. Especially when dividing a substantial amount of assets, the process can be complex. It’s necessary to consider the division of 401(k)s and other retirement accounts, global assets, businesses, and real estate holdings.

Any division could lead to tax consequences. This includes capital gains treatment. Recent tax code changes can also impact other considerations. For example, one Kiplinger article notes that tax code changes will lead to complications concerning alimony as certain tax breaks will no longer be available to alimony recipients. Changes to the federal tax code will also impact the division of retirement accounts.

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