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Preserve your finances during a divorce

On Behalf of | Sep 13, 2021 | Family Law |

Deciding to end a marriage is a deeply emotional decision. Divorce is also a legal process though, and it can be difficult to refrain from handling important matters like property division based on emotions. By preparing ahead of time and being aware of potential pitfalls, divorcees in Kentucky can help preserve their financial stability after a divorce. 

Avoid the rush 

There are many benefits to completing a divorce in a timely manner. Drawn out legal processes often come with a hefty price tag, and divorce is certainly no different. However, there is a difference between proceeding through a divorce at a steady pace and rushing through the process. Rushing often leads to: 

  • Misvalued property 
  • Unfair division of marital assets 
  • Potentially lost or hidden assets 

Consider alternative dispute resolutions 

Many people are first exposed to the divorce process through TV or movies, which tend to show highly dramatized versions of divorce in which couples head straight to court. This is not necessarily the best approach for most couples in Kentucky. Alternative dispute resolutions like arbitration and mediation are great for those who want a higher level of control over the outcome of a divorce. Those who value privacy might also opt for this method, as the details of divorce settlements are kept private. Alternative dispute resolutions also tend to be: 

  • Cheaper 
  • Less time consuming 
  • Less stressful 

Creating a strong financial foundation for one’s future is important during significant life changes. Divorce is no exception, and those who are going through the process should be as prepared as possible to deal with difficult decisions that might impact their future finances. Since this can be an overwhelming task to take on by oneself, many find it helpful to work closely with a knowledgeable attorney who is experienced in Kentucky family law.