Does a good income affect the outcome of a Kentucky divorce? How will this affect child custody and support, the division of marital property, or spousal support (known as maintenance here in Kentucky)? How will calculations for the various types of support be affected if a lot of my income comes from commissions, owner’s draws, or bonuses?
A professional or business owner with a significant income should have many of these questions as they consider a divorce or begin to work through one. Many professionals here in Bullitt County and throughout the greater Louisville area are well compensated as corporate officers, medical professionals, business owners, sales professionals, educators, and construction or union leaders. There are often multiple sources of income based on performance and personal accomplishment. How will this income be considered and impact the process of your divorce?
How does a good income affect the outcome of a Kentucky divorce when income is subject to constant, often significant fluctuations? These are frequently complicated questions, and this is why it is important to seek an experienced divorce and family law attorney. My name is John Schmidt, and after more than 25 years of experience, I can tell you there are many issues in these cases that must be carefully planned and managed in order to accomplish our client’s goals in many aspects of their divorce.
Kentucky family law addresses many of the specific issues faced by those with a substantial income, especially regarding child custody and even maintenance (spousal support). While there is a specific child support calculation set forth in Kentucky law, the result of this calculation can actually exceed the amount necessary to preserve a child’s “status quo” or “lifestyle” and meet the “best interests” of each child. There are strategies to address this situation with the Judge in your case without exposing your personal and financial information to the public record.
Maintenance or spousal support is based on several factors, including the need for support, the amount of time you were married, the health and age of the recipient, and the likelihood the recipient can become self-sustaining within a given period of time established by the Judge.
Those who own a business, have an interest in corporate entities, or have a professional practice will need to learn about the distinctions of “separate” property versus “marital” property and the valuation process as it applies to marital property division. Retirement accounts and pensions are also subject to appropriate division during the divorce, as well as many forms of deferred payment, such as stock options. This is why you need to work with an experienced divorce and family law attorney from the Law Offices of John Schmidt & Associates, PLLC.
Does a good income affect the outcome of a Kentucky divorce? Of course, it will. However, many strategies exist to protect your interests, reduce exposure, and accomplish your goals in a divorce involving substantial assets or income.
We invite you to contact us via e-mail, schedule an appointment or call us today at (502) 509-1490 to get answers to your questions and to learn more about your unique circumstances and how to protect what is most important to you in your family law case.
