Most people exchanging vows in Kentucky aren’t thinking about how they would plan for a divorce if their marriage should end. However, each year, roughly 2 million Americans untie the knot. This is why it’s generally advised that couples considering a split do so with a plan a mind. The first thing that spouses may want to do is determine if they really want to call it quits. Divorce is a life-changing decision that can have a big emotional and financial impact.
There’s also the initial research phase. State laws regarding divorce vary as does the amount of a time a couple needs to be separated. It can also be helpful for a spouse to establish their personal and financial goals ahead of time, especially with assets that may be affected by divorce such as retirement accounts. If children are involved, what makes sense with custody arrangements is another important consideration.
Collecting bank statements, tax returns and other important documents early in the process can help a soon-to-be-former-spouse make a realistic post-divorce budget. Individuals also tend to be better prepared for divorce if they consider the long-term implications associated with certain assets like the marital home based on how much income they’ll be generating and what their expenses will be. It’s also recommended that newly divorced adults close joint accounts, get a copy of their credit report, and be aware of debt obligations that will still exist after divorce.
A lawyer may help with many of the steps involved with the end of a marriage, such as filing the necessary paperwork and identifying all marital assets. In some situations, a lawyer may consult with outside experts to help a client make well-informed decisions during divorce negotiations. Court is sometimes avoidable if mediation is successful and both parties are able to remain civil and reasonable.