Practical tips to remember in high asset divorce

Many Kentucky spouses rely on their partners to handle all matters related to finances in marriage. Some whose marriages did not last later recognized this as a big mistake when they suddenly faced tremendous challenges negotiating high asset divorce. It's difficult to fight for assets rightfully owned if one is not even aware of one's own financial status in the first place.

Making a list is often a resourceful means of compiling financial information when preparing for divorce. It's important to know exactly what income, assets and financial accounts exist. It's also crucial to understand what liabilities there are as well, for knowledge and power often go hand in hand in divorce.

Kentucky is one of many states that equitably divides assets in divorce. Unlike community property states, where all income and assets acquired during marriage are considered jointly owned, equitable division means, although the court will issue fair division of all assets, the split will not necessarily be 50/50. A key factor in obtaining an agreeable settlement is often skilled negotiation.

Even in situations where communication between spouses preparing for high asset divorce remains amicable, it never hurts to act alongside experienced representation throughout the negotiation process. An attorney's keen insight and understanding of property division laws can certainly help protect best interests and secure a fair and favorable settlement. When disputes concerning property division or family-related matters such as child custody arise, the court is the final voice of authority; however, an attorney can make sure a client's needs are fairly addressed.

Source: livemint.com, "When untying the marriage knot", Priya Sunder, March 16, 2017

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