The new year brings thoughts of new possibilities and new beginnings. For some Kentucky women, this may include thoughts of divorce. January is a month that sees many divorce filings as people consider starting over in the new year. Many women may be older and have been in a marriage for many years and may lack knowledge regarding retirement investments. Financial concerns can be considerable as women in this group may have stayed at home to raise children and may not be certain of their ability to return to the workforce.
Divorce can be a challenge to navigate in Kentucky and financial issues are perhaps the most challenging. It is particularly important that these accounts be handled correctly in order to avoid an unnecessary tax burden. IRAs and 401(k)s can both be divided without incurring penalties or taxes at the time of the split as long as the transactions are appropriately handled, thus maintaining the value of the retirement assets.
Divorce in Kentucky and around the nation has seen an overall decline in recent years. One area where this does not hold true is the divorce rate for those aged 55 and older. The divorce rate for this group is on the rise. Another factor with his group is that they are also more likely to marry again than their younger counterparts. In view of that fact, there are some measures that can be taken to protect retirement assets in the divorce process.
Divorce can be a complex proceeding in Kentucky. The more assets and liabilities involved, the more complex it can be, particularly if the couple shares a business ownership. One issue may revolve around the resolution of credit card debt. How complicated the process is may be determined by how the credit cards are set up.