The financial aspects of divorce can be complex for many divorcing spouses. If you are considering filing for divorce, you may be hesitant to do so purely because you are worried about struggling financially in the years to come.
This is why it is so important to keep yourself informed regarding all aspects of a divorce. You should pay particular attention to the specific laws in your state, as they dictate many important factors in divorce proceedings. In Kentucky, equitable distribution is followed when it comes to asset division, which means that many factors will be taken into account when deciding on a fair distribution of assets. The following are some things you should do to prepare for complex asset division.
Locate all marital assets
When you have been married for many years, it is likely that you have lost track of all the assets that you and your spouse share. While many assets, such as the house and the car, will be in plain sight, you should make sure that you have uncovered all assets. If your spouse is planning on a divorce, you must ensure they are not hiding assets in offshore accounts.
Understand how assets will likely be divided
Kentucky courts will consider several factors when dividing assets between spouses. These will include the length of the marriage, and each spouse’s direct and indirect contribution to the acquisition of marital assets. For example, providing child care would be perceived as an indirect contribution since this will have enabled the other spouse to work.
If you are facing a divorce in Kentucky, planning ahead will help you to get the divorce settlement that you deserve.