Transitioning to post-divorce financial health requires planning

| Feb 21, 2018 | divorce, Firm News

Kentucky couples navigating the sometimes challenging process of getting divorced typically view the signing of the final decree as the end of the line. For most couples, however, there is still work to be done after everyone agrees on the final terms of the marital dissolution. While they may be eager to say goodbye, ex-spouses must continue to work together in order to finish the process.

The judge’s final decree of divorce is usually a specific set of instructions that must be carried out by others. For example, the parties may be ordered to sell a piece of property. In that scenario, someone still has to meet with a Realtor and do any other necessary legwork. The same applies if vehicle titles are to be transferred. Putting in place a plan under which the parties agree what should be done and by whom can help streamline the process and avoid confusion or delay. Sometimes, such plans are even incorporated into the actual decree. If either party refuses to cooperate, the judge could impose penalties.

A key aspect of transitioning into post-divorce life involves a personal finance assessment. Joint balances should be replaced with individual accounts. Furthermore, couples may need to update estate planning documents and insurance policies. Many exes will also benefit from setting up a post-divorce budget.

Untangling the shared finances of married couples requires careful thought and consideration. An experienced family law attorney can look past the litigation phase and assist in formulating a plan tailored to individual needs and priorities. With help from a lawyer, an ex-spouse may better streamline the transition back into single life.