People in Kansas who get a divorce may discover that finding a way to divide family assets in a way that satisfies everyone can be difficult and draw out the divorce process. If one of those assets is a family business, they may find that the problem is compounded.
Divorce and family businesses
Divorcees often have misconceptions about assumable mortgages
Going through a divorce can be very difficult for a Kansas couple, especially when children are involved. Child support, visitation rights, alimony and retirement funds are typical things that must be resolved before a settlement can be reached. However, few issues cause more contention than what to do with the family home. In some cases, one of the spouses will take ownership of the home and assume the existing mortgage. In other cases, that may not be possible.
Home sales during divorce
Homeowners in Kansas who are getting a divorce may decide along with their future ex-spouse to sell the family home during the divorce. This solution is a common one among divorcing couples who have to address what will happen to the home. However, before they take any steps to sell the home, it is important that both parties understand that selling a home during a divorce is not the same as a traditional home sale.
Tax exemption issues in child custody situations.
Many divorced and separated parents in Kansas save a lot of tax money by claiming their children as dependents. In some cases, however, both parents feel the right to claim a child. It might come down to the primary caregiver doing battle with the primary financial provider.
Staying on path for retirement after a divorce
According to statistics, the rate of divorce among those 50 and older has increased dramatically since 1990. This can have a variety of impacts on a Kansas resident's life. For instance, a divorce later in life could make it harder to retire or have a financially stable retirement. That is a result of the fact that income and assets drop while expenses are not as affected as much after a marriage ends.
Working together for a negotiated divorce
Many people in Kansas think of popular media portrayals of divorce, and it may hold some people back from taking action to move forward from an unhealthy or unhappy relationship. Divorce is often associated with drawn-out court battles or scorched-earth custody disputes, but the end of a marriage does not have to be so traumatic. Of course, a separation always comes with serious emotional, practical and financial consequences. However, it does not need to be accompanied with bitterness or years of legal disputes.
Paying for college after a divorce
Paying for college can be tough whether a student goes to a school in Kansas or outside of the state. It can be even harder to do after a divorce. In 2017-2018, the average cost for a year at a private school was $46,950. The cost to attend a public school for one year was $20,770 in 2017-2018, according to the College Board. However, it can be possible to provide a child with an education by planning for it in advance.
Why divorce can be serious business
When couples in Kansas divorce, negotiating financial issues are typically a top priority. If the couple has a high-net-worth, there could be a lot at stake in the final agreement.
Real estate and property division during divorce
The marital home can be one of the most highly valued assets by Kansas couples making the decision to divorce. Unlike purely financial assets, real estate cannot simply be divided in two. In addition, many spouses feel a deep personal connection to the house. However, the financial priorities lead many couples to deal with the family home by selling it as part of the divorce.
What parents can do to help their children after divorce
Parents in Kansas who are going through a divorce might wonder how they can make it less difficult for their children. If parents can keep children in the same school and avoid disrupting their routine as much as possible, it may help children adjust. They should try to make sure their children can keep relationships with family on both sides and avoid conflict in front of the children. Parents should also try to keep household rules and expectations consistent as they talk honestly with their children about the divorce.
