Ending a marriage these days does not have to involve contentious courtroom proceedings. Kentucky couples can take measures to make sure that they do not end up in that position should their marriages end. In fact, between a prenuptial agreement and divorce mediation, a couple may cover all of their issues without having to go to court.
A prenuptial agreement is executed prior to the marriage. It can identify separate property each party brings to the marriage, along with their individual debts. Each party may protect those separate assets and avoid ending up financially responsible for the other party’s debts.
If a person has a business, a retirement account or some other asset that may appreciate during the marriage, It may be a good idea to value it prior to the marriage in order to better understand what portion of the asset could end up being part of the marital estate in the event of a divorce. The parties may waive the right to spousal support or a portion of the other person’s estate. The parties may also agree how they will divide the financial responsibilities during the marriage as well, which could affect the outcome of a divorce.
A properly drafted prenuptial agreement could take care of the bulk of a Kentucky couple’s property division issues in the event of a divorce. Any assets or portions of assets considered part of the marital estate may be divided during divorce mediation. Other issues that couples may resolve during negotiations would be those regarding the children and any other matter that the parties failed to account for in the prenuptial agreement.