Ex-spouses in Kentucky know that many things can affect the outcome of a divorce. However, preparing for the process by getting organized can lead to the most favorable results possible. The following steps can help individuals to prepare for an upcoming divorce.
The first step is to take inventory. This could involve creating a checklist of accounts and assets as well as all of the documents related to them. Examples include bank statements, property inventory, balance sheets related to personal finance, insurance policies and credit card statements. When a spouse has all of this information gathered, they will save money and time when they begin their divorce proceedings.
The next step is to organize the documents. It is important to find an organizational system that works well for the individual. This will make it easier to provide documents requested by lawyers, accountants or other professionals. It would be wise to organize the documents in a way that groups similar information together.
The third step in preparing for a divorce is classifying the assets. This would involve making a distinction between community property and separate property. If the divorce case goes to court, the judge will want to know how the property was acquired and who it belongs to.
If an individual has concerns about the property division process, they may want to consult with a family law attorney. Legal counsel could explain what would be considered community property. The lawyer may also provide advice on other aspects of divorce, including asset valuation, support payments and dividing debt.