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Protecting your assets in a late-life divorce in Kentucky

Divorce among people who are age 50 and over is continually increasing. As more people divorce later in life, the need for qualified legal assistance in cases of gray divorce is becoming more critical than ever before. 

People facing a late-life divorce have financial concerns that significantly differ from couples who divorce at a younger age. Given this, if you are facing a gray divorce, you need to know what these particular issues are and how you can mitigate the risks associated with them.

Three reasons a prenup—or postnup—can help your marriage

You’ve probably heard the statistics before. Fifty percent of all marriages end in divorce—and this number is on the rise.

There is a common misconception that drafting a prenuptial agreement prior to tying the knot conveys an uncertainty that the marriage will last. In actuality, developing a comprehensive prenuptial agreement gives a new couple the opportunity to plan for the various aspects of marriage that are often left undiscussed during the honeymoon stage—and that can often lead to turmoil further down the road.

Will a court enforce your contract?

When you enter into a business contract, you have an expectation that all parties involved will reasonably respect the terms of that contract and live up their respective end of the agreement. Unfortunately, when it comes time to execute those terms, you find it is easier said than done to enforce the contract fully. If and when this occurs, you may need to flex some legal muscle to compel the other party to honor their part of the agreement.

In some cases, it becomes necessary to petition a court to enforce your contract, but this is not a simple process. Having a contract is no guarantee that a court will see fit to honor it, especially if the terms are poorly constructed.

What is the right of first refusal in franchising?

When entering into a franchise agreement, there are many issues to carefully consider for all parties involved. Whether you are considering franchising out your existing business or weighing the pros and cons of becoming a franchisee yourself, you must always examine the franchise agreement very closely to identify terms that place you at a disadvantage or that may cause complications at a later time.

One important issue to address in any franchise agreement is the inclusion of the franchisor's right of first refusal. This is a principle used in many types of business agreements. However, in the context of franchising, it generally means that the party acting as the franchisor has the right to buy the franchisee's business if he or she chooses to transfer the business or if the agreement ends as scheduled.

Is your divorce dangerous for your business?

If you own a business and also face divorce, you may have a series of difficult decisions in your immediate future. Many business owners do not realize that a business can qualify as marital property just like a vehicle or a home, and when it comes time to divide marital property in the divorce process, the business itself may end up on the negotiation table.

First, it is wise to determine if the business is actually in substantial danger. If you had the presence of mind to use a prenuptial agreement to protect your business, this is probably good news. If you do not have such an agreement, your business still may not count as marital property, if you can make a strong case that your personal and professional finances are sufficiently separate and that your spouse did not contribute meaningfully to the business during your marriage.

Reasons not to own a sole proprietorship

When starting a business, you will need to decide what type of company you want it to be. There are pros and cons to each type, and you may think running a sole proprietorship would be ideal. After all, it is one of the simplest organizations to set up, and it comes with much simpler tax rules. However, you may want to think twice before setting up a business in this manner. 

Essentially, running a sole proprietorship means there is no legal distinction between you and the company. This makes you more liable if the business ever goes under. Deciding on the best business formation is of the utmost importance, and here are several reasons not to opt for an SP. 

What you need to know about age discrimination

You might think about sexual harassment or gender inequality when the topic of workplace discrimination comes up. Age discrimination does not receive as much discussion as the other types, but it occurs regularly at workplaces in Kentucky and elsewhere.

Bias and unfair treatment related to employees' and job prospects' age is more common than you might think.

Call 502-584-1000 to speak to a lawyer today.

  1. Charles W. Dobbins, Jr.

    Charles earned his J.D. degree from the University of Virginia in 1974

    He was graduated from Washington & Lee University in 1970 with a B.A. with Distinction

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    Mark W. Dobbins

    Mark earned his B.A. from Emory University.

    He earned his J.D. from the University of Louisville.

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    Patrick T. Schmidt

    Patrick earned his B.S. in Accounting from the University of Kentucky in 1989.

    He earned his J.D. from the University of Kentucky in 1992.

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    Terrence L. McCoy

    Terry earned a B.A. from Dartmouth College in 1964.

    He earned his J.D. from Duke University in 1967.

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    Lisa Koch Bryant

    Ms. Bryant has extensive commercial litigation and bankruptcy experience. Prior to entering private practice, Ms. Bryant served as head of litigation for the Federal Land Bank of Louisville.

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  2. Wm. Stephen Reisz

    Thomas graduated from the University of Louisville Business School with a B.A. in 1973

    Thomas earned his J.D. degree from the

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    Sandra F. Keene

    Sandra earned her Bachelor of Health Science degree, with Honors, from the University of Louisville in 1982.

    She earned her J.D. degree from the

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    Elizabeth M. Jenkins

    Colgate University, B.A., Political Science, magna cum laude, 1983

    University of Virginia, J.D., 1992

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    Edward L. Galloway

    Ed graduated from Indiana University in 1967 with a degree in history.

    After obtaining a master’s degree in political science from the University of

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    Thomas G. Karageorge

    Thomas graduated from the University of Louisville Business School with a B.A. in 1973

    Thomas earned his J.D. degree from the

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  3. Tacasha E. Thomas

    Tacasha attended Harvard University in Cambridge, Massachusetts during the summer of 2001, where she studied courses in law and psychology.

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    Ayala Golding

    Ayala received her J.D. in 1994 from the University of Louisville, Louis D. Brandeis School of Law, Louisville, Kentucky, where she was a member of the Brandeis Family Law Journal, and

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    Gwendolyn Chidester

    Gwen recently joined the Firm after being employed by notable Louisville companies for over 15 years in a variety of capacities including Corporate Counsel, Director of Human Resources, and Risk Manager.

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    William A. Buckaway, Jr.

    Bill earned his B.A. from Centre College in Kentucky in 1956.

    He earned his J.D. from the University of Louisville in 1961 where he was a

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    Terrell L. Black

    Terry earned a B.S. in Social Science from Campbellsville College in 1966.

    In 1969, he attended graduate school at Eastern Kentucky University focusing on

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    John A. Wilmes

    John was admitted to the Kentucky bar in 1977 and admitted to practice before the U.S. District Court, Western District of Kentucky in 1979.

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