As the new year begins, many people are making resolutions to improve their physical and mental health. However, the process can be emotionally and financially taxing if you’re going through a divorce. To help alleviate some of the stress, January is the perfect time to get organized and prepare for the tasks ahead. We have created a checklist to help you navigate the divorce process in Kentucky.
- List all debts, including credit card debt, student loans, mortgages, and loans from family or friends. This information will be used to allocate debts during the divorce process.
- List all sources of income, including employment, overtime, bonuses, and other items such as investments or side jobs. Also, plan to set aside funds for extra expenses such as legal fees and separate living arrangements. This information will be crucial for assessing and allocating finances during the divorce process.
- Make an inventory of assets, including property, real estate, bank accounts, retirement funds, cars, and furniture. Be sure to document any items that may be considered separate property and not subject to division. This information will also be important when determining how assets will be divided during the divorce.
- Identify issues that need to be resolved, such as division of assets and debts, spousal support, and issues involving children (custody, child support, parenting plans, etc.). These are the key issues that will need to be addressed and agreed upon during the divorce process.
- Practice self-care and find emotional support. Divorce can be difficult, and it’s important to take care of yourself both physically and emotionally. Don’t hesitate to seek professional help if you need it. This can include therapy, counseling, or support groups.
- Consult with an experienced attorney who can guide you through the process and help you find a peaceful solution. Divorce can be complex, and it’s important to have legal representation to ensure your rights are protected and to help you understand the legal process.
- Make a copy of essential documents and keep them in a safe location outside your home. Such documents include:
- Any prenuptial agreement
- All documentation that proves an asset was owned (even if just partially) before marriage
- All documentation that shows an asset was inherited either before or after marriage
- Documentation that shows an asset was gifted to you before or after marriage.
If you owned an interest in your home before marriage, please locate and save all prior appraisals, financing and refinance documents, and the payment history of each loan. If you own an interest in a retirement or other investment/savings account, save a copy of all statements you have, especially those from before your marriage, as well as the more recent ones – if you have monthly or quarterly statements, save those!
At Schaffner Family Law, we understand the challenges of divorce and are here to help you navigate the process. Contact us today for a confidential consultation. We can review your specific case and help you understand the next steps in your divorce journey. With our guidance, you can feel more in control and confident as you move forward.