Photo of Kenneth L. Gibson Jr.
Photo of Kenneth L. Gibson Jr.
Photo of Kenneth L. Gibson Jr.

Keeping Your Finances on Track After an Amicable Divorce

On Behalf of | Jun 10, 2020 | blog, divorce | 0 comments

Going through a divorce in Louisville, Kentucky is an emotional experience, even when you and your spouse agree to an amicable split. For couples who have been married for many years, divorce brings about a set of unique challenges, especially with regard to your finances. Whereas you and your soon-to-be ex-spouse have built a lifetime of goals together, you’re now on different paths.

More Than Just Dividing Assets

Older couples who divorce often start to pursue individuals interests, particularly in the first few years following the split. Consider what is important for yourself in the short term while also remaining aware of what your spouse may want to do. Having the funds to pursue your dreams can be a significant step toward healing.

Making Negotiations Easier

Being prepared for and acknowledging the reality that both of you will now have different goals and interests can make divorce negotiations easier. After all, who wants to go through unnecessary arguments? Acknowledging wants and need can go a long way toward protecting your own financial position as well as for being prepared for divorce negotiations.

Be smart about your settlement decisions. Educate yourself about Kentucky’s laws regarding the divisions of assets, especially if your divorce becomes contentious. Education is the best preparation for keeping a cool head during negotiations. Knowing Kentucky law can aid you in protecting your future financial position.

Make Sure You Identify and Consider Your Future Needs

You shouldn’t necessarily assume that the assets that you have accumulated through your marriage will sustain you to retirement and beyond. anticipating your post-divorce expenses will go a long way toward making an equitable settlement. Will you need to pay for college for your children? Do you understand the rules regarding IRAs and annuities with regard to the division of property? What about leaving assets to children or even grandchildren once you pass?

Discussing these concerns with legal professionals before you head into final divorce negotiations can help you streamline the process as well as protect your needs. Make your divorce proceedings easier by understanding your options.


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Photo of Kenneth L. Gibson Jr.