Ending a marriage is an emotional time for most Kentucky couples. That may contribute to the fact that many are surprised when the sum total of their marriages comes down to dividing their property (and custody issues if there are children involved). No matter who or what precipitated the divorce, finances end up taking center stage in most proceedings.
Numerous financial issues need addressing in a divorce. It may seem trivial in the moment, but looking at the budget is a good place to start. Before any fruitful negotiations can begin, each party needs to determine what it will take to live post-divorce. The same resources that supported one household during the marriage now have to support two households. Understanding the current and future pictures could help determine which way the negotiations proceed.
Even issues such as retirement and Social Security benefits need some consideration. In addition, some people fight for certain assets without considering the tax ramifications of doing so. Failing to consider every advantage and disadvantage of a certain asset could result in a financial disaster at some point. Few people are lucky enough to avoid a drop in resources after a divorce, and planning for the future is essential in order to ensure some financial security after the divorce is final. Recovery from the financial impact of a divorce is possible, but only with planning.
Figuring out the best course of action to take in order to minimize the monetary losses of a divorce may require help. A Kentucky family law attorney could prove invaluable in this instance. Having a knowledgeable legal ally who routinely helps others through these trials could increase the likelihood of reaching a satisfactory settlement.
Source: ftleavenworthlamp.com, “Don’t Let Divorce Ruin Your Finances“, Arielle O’Shea, June 22, 2017