Recommended financial steps to prepare for divorce

| Apr 4, 2018 | divorce, Firm News

Ending a marriage in Kentucky requires spouses to split financially. Spouses should consider their circumstances and attempt to prepare for the consequences of the divorce before actually filing the legal paperwork. To survive the initial upheaval of the split, individuals should save enough money to cover legal and living expenses for at least three months after separating.

Debts must be considered as well. Ideally, both parties will work together to pay off jointly held credit accounts. This effort will reduce the number of debts that ex-spouses have to contend with when making the divorce settlement. Each person should also set up individual checking and savings accounts. These accounts should not be kept secret from the former spouse so that a court does not think a person is trying to hide assets. For jointly held marital accounts, the splitting couple could ask the bank to require both signatures to withdraw money. This will prevent one party from taking out money secretly.

During the divorce process, a person may benefit from renting a post office box. This will provide privacy for the individual’s mail and prevent potential interception of legal or financial documents. For people who have valuable possessions, they could remove them from the marital household if they fear the other person might take them. These possessions should not be sold, however, because they may need to be accounted for during the division of property.

Every person faces a unique financial situation at the end of a marriage. A family law attorney may guide a person through the complexities of divorce. Legal advice might help someone make accurate disclosures to the family court about assets and avoid accusations of stealing that could impede divorce negotiations. An attorney may also be able to inform a person about laws that govern child or spousal support.