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Tips to organize finances before a divorce

On Behalf of | Apr 18, 2018 | Divorce |

People in Kentucky who are thinking about divorce may want to organize their finances first. For people who do not earn an income or who have not participated in the marital finances, this could be particularly important. They need to get a handle on the financial situation, and the first step is to gather financial paperwork. This should be photocopied and kept in a safe place.

Next, they should order credit reports. It is better to correct any mistakes on these before filing for divorce. If the couple has a joint bank account or other joint accounts, a person might want to review them and make sure the other spouse has not been misusing them. It may also be a good idea to open a personal account. People who do not have their own credit should begin establishing a credit record.

A person might need more than an attorney. A therapist and a financial planner might also be helpful as part of a divorce team. The financial planner may also be able to review any tax liabilities that may accompany the sale of assets. People should be prepared for this as well as any other changes in their taxes that may follow after the divorce.

Having a better understanding of finances may help a person during negotiations over property division. While people should try to be cooperative and not draw out this process unnecessarily, it is also important for people to protect themselves financially. Going into negotiations or litigation with a good idea of the household income, assets and debts as well as knowing what a post-divorce budget will look like can help them assess the advantages and disadvantages of various options.

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