A Checklist for Divorce in Kentucky
The new year is upon us, and while people are making resolutions to diet or exercise, you may be contemplating something much more serious－divorce. Not only were the holidays a challenge, but now you’re facing months of uncertainty.
A helpful way to reduce stress is to get organized and prepare for the tasks ahead. January is national “Get Organized” Month, so we offer a “checklist” for divorce in Kentucky to help you take control of the process.
List All Sources of Income
A large part of the divorce process involves the assessment and allocation of finances. As you’re making your lists, try to include information that may be needed for verification. For instance, when listing employment, make note of the employer’s name, address, and length of time employed. It is also a good idea to list income sources for the past three years.
In addition to salary, don’t forget to include overtime, bonuses, and other income such as unemployment or disability payments. You may also have income from investments or side jobs. And more importantly, while you are reviewing your income, plan to set aside amounts for extra expenses such as legal fees and separate living arrangements.
Record Inventory of Assets
Do you own property that was acquired before your marriage or as a family gift or inheritance? While you are listing the property that you own, these items may be considered your separate individual property that will not need to be shared with your ex, so make sure to document them.
The list of assets should also include real estate, bank accounts, retirement funds, cars, and even furniture, listing approximate values where appropriate. You could also think about which items you would be willing to give up.
List All of Your Debts
Debts are also allocated during the divorce process. To prepare, make a list of all debts with account numbers and the amount that remains to be paid. This includes credit card debt, student loans, mortgages, vehicle loans, and money you may have borrowed from family or friends.
What Issues Need to Be Resolved
While it is often most effective for couples to reach an agreement on these issues outside of court, if they are unable to negotiate successfully then a judge will make the decisions. Issues that generally need to be considered include:
- How to divide assets
- How to divide debts
- Spousal support
- Issues involving children (custody, child support, parenting plans, etc.)
Your attorney can review these issues with you and help you decide the best course of action for your family.
Practice Self-Care and Find Emotional Support
The divorce process can quickly take its toll on your health. Don’t try to go through this alone if you have a support system a phone call away. Seek professional help if you aren’t comfortable talking to a friend or family member. Incorporate exercise or other rituals that help you alleviate stress.
Speak With An Experienced Attorney to Help You Find a Peaceful Solution
Divorce can be overwhelming. Our team at Schaffner Family Law understands how to guide you through the process to get you ready for the next chapter in your life. Contact us today for a confidential consultation.