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Dealing with finances during a divorce

On Behalf of | Jun 7, 2017 | Divorce

For some Kentucky couples, getting a divorce can be a difficult process, especially when it comes to their financial situation. Both of the parties need to be able to financially survive once the marriage is officially ended. While untangling joint finances can be complex, there are certain tips that may help people get through the process until a post-divorce budget is in place.

Those who are going through a divorce should consult with an attorney who is in the same state. Divorce laws vary by state, so taking well-meaning advice from friends or family members can often be inappropriate. Getting all of the financial documentation together early on can also help the attorney provide appropriate counsel. These documents may include statements from checking, savings and retirement accounts, loan documentation and recent pay stubs. A full list of assets brought into the marriage is also beneficial.

During the divorce process, people should avoid making major financial changes. People who are ending their marriage should continue using their individual and joint accounts as they usually would. If former couples are still able to work together, they should agree on an appropriate amount that can be spent until the divorce is finalized.

Finalizing a contested divorce can be a long process, especially if the former couple cannot come to an agreement regarding finances. A family law attorney may help a person going through a divorce understand how it will impact his or her finances. The attorney may also assist with negotiating a comprehensive settlement agreement that addresses all applicable legal issues.