Facing a Divorce in Kentucky: This Checklist Can Help

Divorce papers with gavel and rings

Going through a divorce can be one of the most disruptive and emotionally challenging experiences you may face. The process often involves complex legal procedures, emotional turmoil, and life changes, which can leave you feeling overwhelmed and uncertain. During this process, it is common to experience a wide range of emotions, including sadness, anger, and confusion. To help you manage this difficult transition, staying organized can be a vital tool to keep you grounded. It can also significantly enhance your chances of achieving a fair and favorable outcome.

To assist you with this ordeal, this easy-to-follow guide will help by covering essential steps to ensure that you stay on track.

Review All Sources of Income

Divorce requires examining and organizing financial matters that will affect your future. As you compile your financial lists, include detailed information for verification, such as your employer’s full name, address, and tenure. Document all income, including overtime, bonuses, unemployment, and disability payments—also, record earnings from investments and side ventures that enhance your financial portfolio.

 

Record All Your Assets

If you have property acquired before marriage or received as a gift or inheritance, document these assets thoroughly. Such properties are usually considered separate, meaning they will not be divided during a divorce.

Property and Financial Accounts

To protect your other interests, create an inventory of these assets. Include real estate details like addresses, square footage, current market values, and any liens. This may cover your residence, rental properties, vacation homes, and land. Additionally, incorporate financial accounts in your inventory, such as checking, savings, investment accounts, and retirement funds like 401(k)s or IRAs. Document financial institutions, account numbers (if safe), and approximate balances to clearly show your financial standing.

Personal Property

Remember to include personal property by cataloging vehicles with details like make, model, year, and market value. Also, note other valuable items such as jewelry, art, antiques, and electronics, with estimated values to illustrate their worth and assist in negotiations. By systematically documenting your separate property, you can safeguard your assets and facilitate a fair division process.

List All Debts

When going through a divorce, it is important to account for all debts as they will be allocated between both parties. To effectively prepare for this process, compile a list of all your debts and include the following details:

Man and woman arguing in front of someone
  • Debt Type: Categorize each debt, such as credit card debt, student loans, mortgages, vehicle loans, and personal loans.
  • Account Numbers:  Record the account numbers associated with each debt to ensure accurate identification and tracking.
  • Remaining Balance: Note the current outstanding balance for each debt, which reflects the amount that still needs to be paid.

Try to also include informal loans, such as money borrowed from family or friends, as these may also need to be addressed during the divorce settlement.

Consider the Issues That Need To Be Addressed

Resolving various issues outside of court is often the most effective approach for couples going through a divorce. However, if negotiations fail and an agreement cannot be reached, a judge will intervene and make binding decisions. For these reasons, consider reviewing the following issues to be better prepared:

  • Division of assets
  • Division of debts
  • Spousal support
  • Issues involving children

Although engaging in open and honest discussions about these issues can lead to a more amicable resolution, sometimes couples may need help. In these situations, consulting with an experienced divorce attorney can provide valuable guidance. These legal professionals can help you navigate these complexities and develop a tailored strategy that best suits your family’s circumstances and needs.

Contact Hoffman Walker & Knauf Today


To learn more about the divorce process in Kentucky or to review your case in more detail, contact Hoffman Walker & Knauf today.