Important steps to prepare finances during a divorce

The decision to dissolve a marriage is never easy. During the process of filing for divorce, Kentucky residents may find that financial considerations can take a back seat to the emotional impact caused by divorce proceedings. However, it can be essential to assess one's financial position in order to emerge from a divorce with the smoothest transition possible.

A recent article names several steps that one can undertake in order to ensure his or her financial positions remain intact. Some might be self-evident, such as taking inventory of one's assets and gathering pertinent financial records. However, others are not as apparent and can have an important impact on someone's life post-divorce.

One recommendation is that someone going through a divorce should open individual financial accounts as soon as it becomes inevitable that a reconciliation cannot occur. These can include checking, credit and savings accounts that are issued only in the individual's name. Additionally, it is recommended that a person obtains and monitors his or her credit report in order to ensure there will not be any surprises during divorce proceedings.

Another salient point is that it may be important for a person to rethink and redraw his or her budget to include increased expenses. Divorces can be costly, and most people find that they have to change their lifestyles and spending habits when they are no longer married. Finally, it may be helpful for someone to speak with a certified divorce financial analyst, who can help assist in making sure that a person remains as financially healthy as they were prior to the divorce.

Seeking a divorce can have significant financial implications for a person's future. Most in Kentucky seek the counsel of an experienced divorce attorney to assist them in these difficult times. An attorney can help ensure that his or her clients find the best legal options to ensure their continued financial well-being.

Source: Shawn Leamon, "6 critical steps to prepare your finances for divorce", Shawn Leamon, July 15, 2016

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