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Financial factors to consider during a divorce

On Behalf of | Jan 19, 2021 | Family Law |

Divorce has the ability to completely rearrange your financial position. Not only do you have to adjust to living on one income after growing accustomed to two, but you may be worried that you’ll have to split your assets with your former spouse. People seeking divorce in Kentucky should keep in mind some financial factors when they are going through the process of dissolving their marriage.

Forget emotional assets

Many people want to fight for emotional assets and things that contain sentimental value. While receiving these assets in a final divorce decree can feel like an accomplishment, they seldom have much intrinsic financial value. Instead of fighting over emotional assets, focus your energy on things that can improve your quality of life going forward.

Evaluate future financial needs

Those caught up in the emotional stress and turmoil of a divorce often make the mistake of thinking only of their immediate financial needs and nothing more. For instance, if the mortgage on your current home is incredibly high, receiving ownership in the divorce decree may not actually be a victory. Evaluate where your finances will be after the divorce is final and only fight for things you can afford going forward.

Seek professional assistance

No matter what divorce route you choose, you should seek the advice of a family law attorney. This attorney can review your assets and help you create a plan that will ensure you are in a position to prosper financially during the next chapter of your life.

Consider mediation

Ideally, you and your former spouse can get through the divorce process on amicable terms. If this is the case, you might consider mediation. This provides a much cheaper option for couples dissolving their marriage. A professional mediator can help both of you negotiate favorable terms without the expense of divorce litigation.

Divorce is often a deeply emotional process. Remember, though, that regardless of the heat of the moment, you must make cool financial decisions.