Are you searching for information about divorce as you consider the end of a marriage? Is there a strategy for your divorce that would allow you to accomplish the things that are most important to you while protecting your short and long-term financial outlook?
It’s not uncommon for a person to simply file the paperwork for a divorce and wait to see what happens afterward. It might have been a decision that was brewing over several months or even years until one finally reached the point of anger, frustration, indifference, or being hurt.
Once you or your spouse files the paperwork, it is time to consider the next steps in a strategy for your divorce. It may surprise you to learn that most people who have considered or are prepared to file for a divorce in Shepherdsville or anywhere in Bullitt County don’t really have a plan for how they will protect the things that matter most. You may lay awake at night, worrying about everything from the children to assets like a house or car, from how you will make ends meet to what your life will look like after this chapter is closed.
There are definitely things you need to prepare for and issues to think through. If you’ve reached this point in your life, it’s time to start laying out the elements of a strategy for your divorce. What are you absolutely committed to protecting? Where are you willing to be a bit more flexible? One of the first things you need to know is that a divorce is not an “all or nothing” process; it’s more of a “give-and-take” thing. It’s about priorities and realigning the things that are most important to you.
Another essential element in a strategy for your divorce is to organize vital records, such as three years of tax returns and a couple of years of statements for any bank or financial accounts, credit cards, debts, and retirement accounts. It may be harder to access this information once things get started.
Do you have children? Kentucky family law begins with a presumption that it is in the best interest of each child to spend equal quality time with each parent during and after a divorce. What is the parental relationship like with your spouse? Can you work through things with the children’s best interests in mind, or will there likely be significant challenges and issues regarding child custody and parenting time?
Most people who own their own home think about who will “get the house” or what will become of the equity remaining in their home. While this is obviously an important asset, many people forget to consider what is often one of the largest groups of assets in a divorce: retirement accounts and pensions.
Do you and/or your spouse have or pay into a 401(k), pension, or other retirement accounts? These are substantial assets and require specific planning and documentation if they are to be divided as part of the divorce. Do either of you own a business or a professional practice? How will those significant assets be managed during the divorce?
How do you think your spouse will manage the divorce and its issues? Are you both in agreement on how things are going to go or do you expect there to be some challenges? After more than 25 years of experience, I can tell you that many former spouses go into divorce thinking they are in agreement, only to find out the other person’s position changes once the divorce gets underway. Things get real, and you’ll need sound advice and counsel before, during, and often after your divorce.
We invite you to contact us via e-mail, schedule an appointment or call us today at (502) 509-1490 to get answers to your questions and to learn more about your unique circumstances and how to protect what is most important to you in your family law case.