Even though you and your future ex-spouse agreed to keep things friendly as you end your marriage, you may still want to make sure that you receive a fair and equitable settlement. You may believe that divorce mediation will accomplish that goal by itself. However, without taking certain steps prior to beginning negotiations, you could still end up losing out on receiving everything to which you may be entitled under Kentucky law.
You cannot split assets you do not know about. For this reason, it is important to do what you can to get as clear a picture of what encompasses the marital estate first, especially if your spouse was the one who dealt with the finances during the marriage. Gather as much of the relevant documentation as you can such as bank statements, deeds and titles. It may also help to know what separate and marital debts you each have.
More than likely, it would be useful to be able to see how your financial situation will change post-divorce. You may already know that your financial situation is about to change, but to what extent may require some research. Knowing a much as possible about what you will need to start your new life could help you figure out on what issues you will compromise and which you will not.
Making these decisions may require some help. An experienced Kentucky divorce law attorney could help review your current and future financial situations before entering into divorce mediation. Doing so could make the property division portion of your negotiations go more smoothly.
Source: nerdwallet.com, “6 Critical Steps to Prepare Your Finances for Divorce“, Shawn Leamon, Accessed on March 11, 2018