There are many facets of life that can be impacted by the ending of a marriage. Divorce can be emotionally draining for Kentucky residents and it can also weigh heavily on the pocketbooks of those concerned, especially when a couple is in the midst of a high asset divorce where there is much at stake. Financial advisors say individuals should never make rash decisions with their finances when going through a divorce.
A financial advisor with a top bank suggests using a checklist to take stock of both assets and debts. The list could also include relevant information such as Social Security numbers. Then these checklists could be reviewed by those who can provide independent advice to people who are divorcing — such as lawyers, accountants and financial planners.
With regard to finances, other documents that may be important during the divorce process are health and life insurance policies, estate planning documents like wills and powers of attorney and retirement plans. If there is a prenuptial agreement in existence, it is also likely to detail assets and debts. This document may make things easier, but there still may be some disagreements over who gets which assets.
A financial situation needs to be reviewed once the decision to divorce has been made. It should not be rushed, especially in the case of a high asset divorce. Both parties would do well to get independent legal advice before agreeing to anything verbally or on paper. Laws pertaining to divorce in Kentucky can be confusing and complex and proceeding cautiously may be the best approach.