Kentucky is an equitable distribution state, which means that all property acquired during marriage is split fairly when a couple gets a divorce. In order to determine how to divide assets equitably, divorcing individuals first need to determine the value of their marital assets and debt. This involves a joint effort from both individuals to compile their financial documents reflecting their income and assets.
Documents reflecting income include paystubs and tax returns, which should be compiled for at least the past three years. Business owners should also gather profit and loss statements, balance sheets, check ledgers and any other documents reflecting business expenses.
Other financial documents of relevance are bank statements from joint and separate bank accounts for at least the past two years. It is also important to locate documents reflecting the value and amount paid for marital property like a home. Any other documents showing real estate ownership, the value of property, or the title holder of any property or automobiles are also relevant as well as anything relating to the refinance of a home or loan.
If one spouse incurs a debt during marriage, that debt will likely be considered marital property to be divided between the spouses. Thus, documents reflecting debts or loans must also be shown to a family law attorney.
One thing individuals can sometimes forget to do when they get a divorce is change the names of their beneficiaries. Many people do not want their ex-spouse to continue being a beneficiary of, say, a 401(k), but this can sometimes be forgotten in the bustle of a separation. By bringing all documents to a family law attorney and engaging an attorney for help, individuals may minimize the chances of overlooking something important.
