Dietz Family Law PLLC - Divorce


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How couples might protect their money in a divorce

On Behalf of | Apr 3, 2018 | High Asset Divorce |

Couples in Kentucky who are getting a divorce may need to start separating their finances. For example, they might want to close any joint accounts and move their money to personal accounts. However, neither person should take everything out of a joint account, and each should inform the other about any assets they are taking such as removing valuables from the home. It is important that people do not seem to be hiding assets.

For privacy reasons, people may want to get a post office box for financial information and correspondence. They should avoiding acquiring any debt at this stage. Couples may also want to obtain credit reports to check for any additional accounts and to clean up any errors before the divorce is underway.

Spouses who have not worked outside the home might want to look into job training. Furthermore, they should familiarize themselves with household finances. It is important to know how much money is going in and coming out before divorce negotiations begin. They should also understand the value of any pension or retirement plans and collect copies of any documents relating to assets and debts.

Ideally, property division might be done through a process of negotiation instead of litigation. This may be possible even in a high-asset divorce. Asset valuation may involve having things such as businesses and valuable collections appraised, and if the estimates of each person’s team is far apart, this could cause additional conflict and delays. Couples may be able to resolve their disputes using an alternative dispute resolution method such as mediation. These methods focus on reaching a cooperative solution and is usually less contentious than litigation.

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