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Money and divorce: How to make sure you don't go broke

If Kentucky readers who have ended their marriages in court were to take a survey, answers to questions regarding what their biggest challenges were during the process would surely vary. Every situation is different, but most who divorce would agree on one thing: it's never easy. A main concern for many parties includes money; more specifically, how not to lose it all.

Surprisingly, many married persons are completely unaware of their own assets and liabilities because they hand over the reins on such matters to their spouses. While it might seem convenient and a good idea to let someone else keep financial records, pay bills and otherwise maintain all bank accounts, credit card statements and the like, if divorce occurs, one spouse might be left in the dark with regard to knowing what's what, financially. This lack of knowledge can create significant challenges when it comes time to divide assets and seek a fair settlement.

Many financial advisers recommend taking an inventory before proceeding to court. Obtaining copies of all financial statements and clarifying one's exact fiscal standing protect one's interests and may help to prevent the other spouse from trying to take advantage. Property laws vary by state, so seeking clarification in the state where the divorce is to be filed is an easy way to avoid surprises as the property division process unfolds.

A Kentucky divorce attorney can help formulate a list of financial goals so everything is laid out in a clear and thorough manner when negotiations begin. There are obviously expenses associated with hiring an attorney; however, a skilled attorney can help a client keep costs as low as possible. Such representation is often crucial toward obtaining satisfactory outcomes in court.

Source: businessinsider.com, "How to keep from losing everything in a divorce, in 6 steps", Emmie Martin, Feb. 2, 2017

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