Whenever a Kentucky couple is considering divorce, the emotions and other conflicts they are going through can make the process difficult at times. However, those who share finances may find that there are additional complexities, especially because making financial decisions at this time can have major impacts on a person's finances once the divorce is finalized. As such, there are certain things those who are going through a divorce should do when it comes to finances.
Because divorce laws can vary by state and certain circumstances, those ending their marriages should talk to a divorce attorney before making any financial moves. The attorney can advise on when to make changes to life insurance policies or other important documents. Making changes without the court's blessing could result in less positive outcomes. A certified divorce financial analyst may also be able to offer expertise on how the split will affect a person's post-divorce finances.
It is also extremely beneficial for those going through a divorce to gather all of their documentation pertaining to finances. These documents should include a year's worth of credit card statements, checking and savings account statements, and ledgers for any loans the person has. It should be noted that if the former couple shared finances, financial institutions do not have an obligation to keep requests for documentation confidential.
For many divorces, the finances are a sticking point and can prevent a couple from finalizing it quickly. However, the longer the divorce process takes, the more costly it can be. A family law attorney could help a person going through a divorce understand how the process will have an impact on future finances, particularly if the person may be required to pay child or spousal support.