Are worried about making financial preparations for a Louisville divorce? Pre-planning and preparation are crucial to the success of any divorce. This is why it is so important to contact the experienced divorce and family law attorneys at Dodd & Dodd or call 502-584-1108 to learn more or schedule an appointment if you are considering the end of a marriage.
After a Kentucky divorce is completed, both parties may face a lower standard of living. However, in a Kentucky or Louisville divorce this statistically falls disproportionately on women. Although married women make higher incomes than women who are single, divorced, widowed or separated, on average, women still make less than men do. This is in part due to the fact that women tend to take over more care giving duties. As a result, they work fewer hours and face greater career challenges and more obstacles to save money.
However, whichever party in the couple earns the least can still take steps toward financial protection in divorce. One of those steps is making a financial plan. In many cases, the person who is not the main breadwinner may also not manage the entirety of the household finances despite paying some bills. A person who is less educated about finances may want to take a class or work with a financial professional on this plan.
Making financial preparations for a Louisville divorce includes looking at income, assets, debts and expenses. While child support and maintenance may be part of that plan, a person should not be overly reliant on those income streams because they are usually not permanent.
In Kentucky, income and other assets acquired during the marriage are usually considered joint property. This means that even if one person has not worked outside the home, that person may get half of the retirement accounts of their spouse as well as half of all marital assets.