After spending years working and increasing your wealth and assets, you may have planned to retire more than comfortably with your spouse. As the kids left the nest and retirement approached, the two of you may have realized that you no longer want to stay together. You agreed that a divorce would be best for both of you.
Then you began to consider having to divide your wealth and assets. Perhaps you did some research on your own regarding Kentucky’s property division laws and realize that going through the courts may not result in an agreement with which both of you can live. Fortunately, another alternative exists.
Have you heard of collaborative divorce?
Your research may have also resulted in information about collaborative divorce. This alternative dispute resolution method removes the possibility of a contentious court battle and allows you to retain control over your final settlement. You, your soon-to-be former spouse and your individual attorneys sit down and hammer out a deal that satisfies you both.
Cooperation and compromise are essential in this process. Moreover, you can bring in third parties to provide you with the necessary information you need in order to make educated choices. For instance, you may need an appraiser to understand the true value of a piece of property and an accountant to outline the tax ramifications of your choices. Only with the right information can you make the decisions that you feel will work best for you.
Will this work in your situation?
If you and the other party agree that litigation would not yield the results you want, then a collaborative divorce might work for you. Not only will you save time, money and frustration, but you could also look at options the court can’t consider. You may be able to come up with a way to divide your property that is fair and equitable, yet considered “outside the box” by the court.
As long as your final settlement doesn’t leave one of you at a financial disadvantage, or violate current law or public policy, the court should approve your settlement. This is one reason that the collaborative process requires that each of you have your own attorney to represent you. You can have private discussions with him or her in order to figure out what you want, what you will not compromise on and what you would give up in order to get something else. At the same time, your attorney can help ensure that your rights remain protected during the negotiations.