Starting with the basics, divorce is the dissolution of a marriage through legal means. It is by no means a simple or easy decision, but Warnock & Warnock can make that process more manageable. There are a number of important things to consider when filing for divorce.
Kentucky No-Fault Divorce
Kentucky is a no fault divorce state, meaning no one person can be found as the cause for the separation. The only thing needed is for one side to believe that the relationship is irretrievably broken. If the parties have children, the need also arises for a custody plan and there will also need to be a review of whether child support is appropriate or not.
Some key points on the process:
- At least one party must be a resident of the state and have lived there at least six months prior to filing.
- If there are children, the petition must stay open for 60 days before the divorce can be finalized.
Division of Assets
Each party must decide on the things that will be divided between them. Each must declare what they own and owe during proceedings. Gathering and reviewing recent bank and credit card statements can help to prepare for this part of the process. A prenuptial agreement would also come into play here, where a determination for some separation of assets would be determined prior to the marriage.
- Marital assets/debt: Assets or debt acquired during the marriage. Most things fall under this category
- Non-marital assets/debt: Assets or debt acquired prior to the marriage. Things like inheritances, gifts given to a single party, payments received in personal injury lawsuits, or anything designated in a prenuptial agreement.
Kentucky Child Custody/Support
Deciding what to do regarding children following a divorce is crucial. Several factors go into determining custody of children as well as the amount of and who should receive child support.
- Custody: It’s often presumed that joint, equal custody is in the best interest of the child or children. Though there are some exceptions. Joint custody means the parents will each share 50% of the parenting. If a custody arrangement cannot be reached between the parents, the court will be forced to make a custody arrangement based on the child or children’s best interests.
- Child support: Child support is intended to attempt to equalize the financial burden for each parent. The one who makes the most is usually required to make a payment each month to the one who makes the least. Amounts are calculated using both parents’ income as well as insurance and other child care costs. Make sure to have tax returns prepared and in hand. This will help to inform financial decisions regarding child support.
Also known as spousal support. KRS 403.200 shows what factors into whether a party is due for financial support from the other spouse. It is meant to aid the party who would suffer financially from the divorce and give them support following the loss of an extra income. There is usually a limited amount of time set for how long a spouse can receive maintenance pay. Some factors that work into the maintenance amount:
- How long the marriage lasted
- Standard of living
- How long and to what extent will it take for the lesser income spouse to reach financial independence
- How much the higher earning spouse needs to support him/herself before supporting the other
Divorces are an emotional time for all the parties involved — parents, children, other family members and friends. You need someone to have your back and aggressively represent you during this time. Call Matthew Warnock of Warnock & Warnock at 606.473.5381. You may also complete a contact form on our website here.