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Are you financially prepared for divorce?

On Behalf of | Sep 7, 2020 | Divorce Financial Planning |

Even if you have lived comfortably throughout your marriage, you may be facing a very different future if you are heading toward divorce. Whether you are relieved to be getting out of the marriage or blindsided by your spouse’s desire to divorce, it is important that you remain clear-headed and focused on what you need and deserve from the final settlement or court order. As difficult as it may be to put your feelings aside, making decisions at the height of emotion can be detrimental.

It is critical that divorcing spouses understand what is at stake. In many cases, a post-divorce life means trying to maintain a standard of living with much fewer assets and less income. Even if you receive spousal support, you may find that the first few years are difficult, especially if you do not start as early as possible before the divorce to set yourself up for a financially successful future.

In what state are your finances?

Do you know where you will live after the divorce? What vehicle will you drive? Can you afford the payments and upkeep on these assets? Will you need to purchase your own health, auto or homeowner’s insurance? These are only a few things you should be thinking about and planning for now, long before you step into the court room, to minimize the negative consequences many face after a divorce.

Other factors that could make your situation even more complicated and increase the chances that you will struggle financially in the years immediately after your divorce include the following:

  • You were not actively involved in the family finances when you were married and have no idea about the true state of your joint finances.
  • You gave up your job or career to take care of the children or run the household.
  • You are over the age of 50.
  • Your spouse fails to pay any joint debts that the court assigns to him or her, leaving you in default in the eyes of the creditor.
  • You neglect to consider penalties, liquidity or tax implications of assets you obtain through the division of property.

You may also find yourself overwhelmed if your divorce does not include an agreement for your ex to share in the cost of college tuition for your children. You may have other circumstances, such as additional property, valuable animals, complex investments or hidden assets that may feel overwhelming to deal with. Meeting with a Kentucky attorney may provide you with the guidance and confidence to fight for a fair resolution to your divorce.