There are steps every person can take to make a divorce less expensive. While you may not want to think about the possibility of divorce, if you plan your finances properly, you can make a future divorce less expensive..
Kentucky is an equitable distribution state without community property laws. This means that any property that is considered marital property by the courts will be distributed fairly. This does not mean always mean 50/50, but generally the marital estate is divided equally between the parties. Any non-martial property of the parties is treated independently of the division of the marital estate.
What is Marital Property?
Marital property includes assets and property that were obtained during the marriage. It doesn't include assets or property that were owned by a spouse before marriage or that were obtained during the marriage by gift or inheritance. These types of assets and property are considered non-marital, separate property. Income or assets gained because of non-marital property are also not considered part of the marital property. In order to make a successful claim for non-marital property in a divorce the party to whom the property belongs must be able to provide proof of the non-marital nature of the asset and trace the property from the time of receipt until the time of the divorce.
Keep Good Accounts Of Separate Property
If you have assets or property going into a marriage, it is important that you keep it separate from your marital property. This would also include any income derived from property owned by own spouse. In order to claim separate property during a divorce, you will need to be able to prove what is separate and what isn't. If income is comingled in a common bank account, this can create more expense during your divorce and you may not be able to prove what is separate and what is not.
Use Negotiations Wisely
If you and your spouse can agree about how the property should be divided, a judge won't have to decide how to divide the property for you. One of the steps every person can take to make divorce less expensive is to use negotiations wisely and reach an agreement with your spouse. Even if you need the help of a good mediator, this is often less expensive then divorce proceeding where a judge is required to split the property.
Consider a Prenuptial Agreement
Before you get married, you should consider entering into a prenuptial agreement. Entering into a prenuptial agreement may help delineate non-marital assets and may limit what spousal support will be awarded. You can also lay down strict guidelines about who owns what property and limit how it will be divided.
Steps Every Person Can Take To Make A Divorce Less Expensive
Your Louisville attorney can show you ways to cut the cost of your divorce. If you need help with determining what property is marital property or you want to discuss the option of a prenuptial agreement, call the offices of Durrett & Kersting Law, PLLC.
The information contained in this blog is not legal advice. Please consult an attorney to discuss your specific case and how the law may apply to your situation.
For more information about the dissolution of marriage in Louisville Kentucky and surrounding areas, visit the Kentucky Legislature website: http://www.lrc.ky.gov/statutes/chapter.aspx?id=39213 . Here, you'll find a wealth of resources on divorce, child support, maintenance and more.