For many people in Kentucky beginning on the marriage journey, planning for divorce may be one of the least appealing considerations to make. While couples currently planning their marriage may not see divorce on the horizon, making certain kinds of preparations can help prevent harm in the future and can be considered part of financial planning. Indeed, many of the same actions that provide greater individual protections in case of divorce also carry benefits in terms of estate planning and other related issues.
In any divorce, some of the most devastating and serious issues can revolve around the financial aspects of the end of a marriage rather than the emotional issues. This is one reason why many wealthy people use prenuptial agreements to protect their separate property before beginning a marriage. Separate property includes the assets that each partner brings into the marriage as well as later individual gifts and inheritances. While retaining separate property can be critically important for people going through a divorce, it can also be a key estate planning consideration, especially for people with blended families in which both partners have children who predate the marriage.
There are some key steps that people can take to help keep their separate property properly categorized. For example, having individual bank accounts as well as joint accounts can help to ensure that inheritances and gifts retain their separate character in case of divorce.
While few happy couples wish to plan for divorce, making a financial and legal plan can help to prevent long-term pain. A family law attorney may provide counsel and representation not only to people going through a divorce but also to individuals and couples who want to create a clear plan for their property throughout the marriage.