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Preparing for a divorce

The decision to divorce is one that most people in the state of Kentucky do not take lightly. Exactly what life will look like for a person once the process is complete will in part be determined by the financial settlement secured. Accordingly, it is important to make sure that you do everything you can to make sure the outcome gets you everything you are entitled to, sometimes including alimony. When possible it is a good idea to start before even filing for divorce.

If you share accounts with your spouse, you need to establish your own. Opening your own credit card and savings and checking account is not only a good way to start separating yourself but is also the first step toward repairing credit if your joint accounts damaged it. To determine exactly where your credit stands, it is a good idea to monitor your credit report.

During this period of time you should also make an inventory of your assets and pull together your financial records. Taking digital photos of items that are worth a lot is a way to keep track of the assets. It is also wise to make copies of and save five years' worth of the following financial documents:

  • Property information
  • Investment accounts
  • Bank statements
  • Benefits information
  • Payroll stubs
  • Tax returns

Going from one household to two will inevitably double many of the necessary household expenses. Because of this, in many of these situations, divorcing individuals have to adjust to a new budget. Planning ahead for this new approach can help to make the transition easier.

Working with the right attorney for you can make a difference not only in the final settlement but in navigating the process as well. Accordingly, care should be taken to find one that fulfills your needs.

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