Kentucky couples who decide to separate may want to take steps to protect themselves financially. Both of them should have a good understanding of their marital finances even if one of them has primarily handled this during the marriage. They might want to close any shared accounts and start establishing credit in their own names if necessary.
A separation agreement may also be a good idea. This agreement may cover a number of areas including how retirement accounts and other marital assets will be divided, spousal and child support, and insurance needs. The couple may need to discuss how bills will be paid during the period of separation and may want to waive the rights to one another’s estates.
During the separation period, people should avoid venting on social media. They should also avoid spending large sums of money, since this could be seen as depleting assets. They may also want to avoid getting into a new relationship.
The couple might eventually decide to divorce. Depending on how thorough their separation agreement was, they might be able to use parts of it as their divorce agreement. For example, they might have already worked out some aspects of property division. On the other hand, some parts of the separation agreement, such as child custody arrangements, may have worked on a temporary basis but require revision as part of a long-term plan. Parents may want to build flexibility into a parenting agreement that acknowledges that children’s needs may change over time. This flexibility may also allow them to make adjustments without having to return to work over relatively minor issues. The couple do not necessarily have to go through litigation if they are able to negotiate property division and custody with the help of their attorneys.