How to approach a high-asset divorce in Kentucky
Divorce is rarely a cut-and-dry process, and practically never when it comes to marriages with many assets. However, how you approach a high-asset divorce can affect how long it takes and what the results will be.
For the best outcome, educate yourself on the different ways you can seek a divorce and how to prepare financially for the end of your marriage.
Know your options
Before you head to court, know the options that are available to you so you can choose the best one for your circumstances.
- Uncontested divorce: If you and your spouse can agree on all the terms of your divorce, it is uncontested. It still requires the use of lawyers to ensure you comply with Kentucky law. This route is the quickest and easiest but not applicable to most couples.
- Collaborative law: If you do not agree on all terms but want to avoid court battles, consider collaborative law. It involves communication and cooperation as you discuss and decide on your divorce settlement with the guidance of individual legal representation. Mediation and negotiation are related alternatives.
- Contested divorce: Unfortunately, litigation is the answer in some cases. When you cannot agree on your divorce terms nor are able to work together to come to a solution, then you must head to court and let a judge decide the matter.
Which you choose will determine how much the divorce will cost and when it will be over.
Divorce takes financial preparation to prevent unnecessary monetary loss. First, gather all your personal and marital financial records. Determine if your spouse is hiding any assets from you so you can receive everything you are entitled to under Kentucky property division laws. Next, separate your finances from your spouse’s and consider the financial security of your future. You cannot solely rely on child support and/or spousal support. You may need to work more or seek a higher-paying job, or any job if you are not currently in the workforce. Having high assets does not guarantee a high-living future, so be smart in the financial decisions you make now.