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Owensboro Legal Blog

Is your business just another asset in the divorce process?

You and your spouse may have spent years building the family business. To say that you are proud of your success is an understatement.

Now that you are facing divorce, what will happen to the business? This is not just another asset, this is your baby, so here are three options for consideration.

Do you have too much debt?

There should be more to life than an ongoing struggle to make ends meet. Still, if you have significant debt, you may never stop worrying about repaying it. Further, even if you plan to limit the amount you borrow, you may have emergency expenses that take a tremendous toll on your monthly budget. Either way, you must know how much debt you can afford. 

Debt is a way of life for most Americans. That is, virtually everyone has a student loan, mortgage, credit card balance, medical bills or another type of outstanding debt. In fact, according to reporting from CNBC, the average American owes roughly $38,000 to creditors. Unfortunately, debt is not always easy to manage. While limiting the amount you borrow may be an effective strategy, some debt is unavoidable. So, how much debt is too much? 

Rethink your Facebook presence during your divorce

Social media is part of everyday life for many Americans. When it comes to Facebook, according to the Pew Research Center, roughly 70% of adults in the United States use the service routinely.  Whether you post every day or only use the social networking tool to keep tabs on friends and family members, you must be careful during your divorce. 

Divorce can be both stressful and painful. While some emotions related to dissolving your marriage are impossible to circumvent, you can avoid making your situation worse. Before you make personal Facebook posts about your marriage or divorce, you may want to think twice. 

Divorce maintenance in Kentucky

The use of maintenance in Kentucky divorces provides an amount of pay from one spouse to the other. The term "maintenance" replaces former terms such as alimony or spousal support.

When one spouse incurs a serious financial disadvantage due to the divorce, the other spouse may legally have to provide financial assistance in the form of maintenance. Kentucky uses some of the following types of maintenance arrangements:

Bankruptcy can put an end to the stress of medical debt

A comprehensive survey found that health care costs represent the primary reason that people file for bankruptcy protection, and the issue applies to all age groups.

If you feel overwhelmed by medical bills, you are not alone. Bankruptcy may be the solution.

Estate plans help you avoid intestacy

Intestacy is what happens when a person dies without expressing their wishes for what will happen with their estate in a form that is legally enforceable. When this happens, state intestate laws control how the deceased person's assets will be distributed.

How these laws would distribute your estate might differ greatly from what you would want. Also, your estate going into intestacy could raise some complicated and contentious issues for your family. So, there are a range of reasons you may want to avoid intestacy through having a legally enforceable estate plan.

Preparing your will begins with naming the perfect executor

Perhaps you are moving right along in life and you get the niggling feeling that you are leaving something undone. Could it be that you still need to prepare your will?

If you are beginning to worry about the task of naming an executor, here are some tips that may help.

Understanding the importance of reaffirmation agreements

After months or years of attempting to secure payments, it is discouraging to hear that a debtor has filed for bankruptcy. Once the debtor has filed for bankruptcy the creditor can no longer contact them to secure money owed. It may even mean they will never secure those payments altogether. However, finance companies, mortgage companies and other secured creditors have another option: reaffirmation agreements.

A reaffirmation agreement keeps the debtor liable for their debt after the bankruptcy period is complete. Once the discharge is issued, the creditor can file a lawsuit against the debtor. Reaffirmation agreements only work for Chapter 7 bankruptcy. However, it is important that a creditor hires an attorney to complete a reaffirmation agreement.

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