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Articles Tagged with divorce

By Elizabeth McKinney, Partner
English, Lucas, Priest and Owsley, LLP

paperwork-with-pen-300x225After you’ve completed your divorce, chances are, you want nothing to do with any more legal documents, courts or attorneys. It’s understandable. It’s a big process that can take a lot of time, and many find it to be exhausting.

But you do have one more step to do as soon as your divorce is complete: change your will. I cannot stress enough how crucial this is – and how much it needs to be attended to right away.

Most people create a will around the time their first child is born as a way of ensuring that their child’s welfare and their assets are protected. Typically, each spouse will leave everything to the other spouse. If you die, and your will is still in place from a time before you divorced, it will still be in force. Your ex will receive all of your assets. When a divorce becomes final, Kentucky law does automatically revoke the provisions of a will which provide for a distribution to a spouse, or appointment of the spouse as executor, trustee, or other fiduciary appointments.  Nevertheless, it is important to update your will after a divorce to designate who receives your assets, who serves as executor, etc. in place of the former spouse.

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By Rebecca Simpson, Partner
English, Lucas, Priest and Owsley, LLP

Rebecca Simpson

Rebecca Simpson

Another school year has nearly come to a close, and kids are eager for the fun and freedom of summer.

For parents, however, balancing work, camps, childcare and vacation can prove complicated and stressful. These complications and stresses weigh particularly heavy upon parents who are separated or divorced. Coordinating schedules can create tension and conflict, making summer planning an enormous challenge.

While every family situation is unique, and no simple solutions exist to resolve all of the complications that can accompany raising children in separate homes, these “Six Rules of Summer” offer guidance regarding issues that commonly arise during summer co-parenting.

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computer Every tax season, there are at least a few of us who have some unwelcome surprises. Some discover they were not nearly as organized as they should have been, and can’t find receipts for items they wanted to write-off as business expenses. Others may discover that they made more income than they anticipated, and they owe additional unanticipated taxes.

There are plenty more unwelcome surprises, sometimes having to do with divorce or custody issues. Couples sometimes trade off who gets to claim a child as a dependent, and misunderstanding whose turn it is leads to confusion (and fighting).

If you own your own business, or just make some side income from consulting, you may find out that you owe taxes because you didn’t pay enough estimated taxes during the year. That’s a common problem that we see often with clients.

The best time of year to address these problems is right now. Tax attorneys, accountants and other financial professionals aren’t quite as busy as they are in the first and last quarters of the year executing year-end transactions, followed by preparing returns for clients, and the mistakes you made in 2014 are fresh in your mind. A few simple tips and tricks can get you ready for April 15, 2016.

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documents photoIn our last post, we discussed how divorce affects an estate plan. A thorough review of all estate documents is critical post-divorce to ensure you’ve covered every conceivable scenario and changed every document necessary. Allowing an attorney to do that review for you is always in your best interest, as attorneys have a keen eye for details and wording that may escape even a close reader who does not have legal training.

Taking this matter one step backwards, though, we’re examining annulment versus divorce in this post. While both lead to the same conclusion – you’re no longer married – these two scenarios have very different consequences when it comes time to pay taxes.

Both parties may file as married at tax time if they were still legally married at the end of the calendar year. Options include filing a joint tax return, as many married couples do, or checking the married but filing separately box.

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Broken Heart by Prawny on MorgueFileHardly anyone goes through the process of putting together a comprehensive estate plan with the intentions of getting divorced from their current spouse thereafter. It is, however, a fact of life that becomes reality for a large portion of society. Divorce can affect more than just a person’s emotions and wallet. Here is a brief overview of the effect of divorce on your estate plan.

The Will

In Kentucky, a divorce or annulled marriage “revokes any disposition or appointment of property made by the will to the former spouse, any provision conferring a general or special power of appointment on the former spouse, and any nomination of the former spouse as executor, trustee, conservator or guardian, unless the will expressly provides otherwise.”  KRS 394.092.  The statute goes on to provide that property that would have passed to the former spouse by will now passes as if the former spouse predeceased the decedent.  Put simply, Kentucky law basically “removes” the former spouse from your will, unless you expressly provide otherwise.

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