Addressing the most common financial concerns in a divorce

Addressing the most common financial concerns in a divorce

| Dec 21, 2020 | Divorce

Going through a divorce is probably not something you planned or hoped to go through in your life. That’s often why no one is ever fully prepared for the experience. You may have many doubts and start to question the intentions of your divorcing spouse. With this comes a feeling of distrust and the feeling you need to fight a battle on your own.

But before entering fight or flight mode, try to take a step back from the situation and assess whether the concerns you have are valid. While the process of divorce can be extremely stressful, it can be made much easier if you take action to understand how the law in Kentucky will likely apply to your situation early in the process. The following is an overview of some of the most common divorce concerns.

Worrying that assets won’t be divided fairly

Kentucky is an equitable distribution state. This means that marital assets are not automatically divided 50/50 between spouses. Instead, the divorce courts take into account a number of different factors, such as the financial and non-financial contributions that each spouse made in the marriage. This means that the divorce courts are able to divide assets in the fairest way possible.

Worrying that you’ll be held responsible for debts

While asset division is a fairly obvious concern, many people forget that marital debts are also subject to division. Worries about being liable for debts can be especially worrying when you are divorcing someone who has a drug, alcohol or gambling addiction. You should seek comfort again from the fact that Kentucky is an equitable distribution state. Therefore, the person who was responsible for acquiring the marital debt will likely inherit it after divorce.

If you are going through a divorce in Kentucky and you are worried about the financial impact that this will have on your life, it is important that you take early action to understand the law.