The new year brings thoughts of new possibilities and new beginnings. For some Kentucky women, this may include thoughts of divorce. January is a month that sees many divorce filings as people consider starting over in the new year. Many women may be older and have been in a marriage for many years and may lack knowledge regarding retirement investments. Financial concerns can be considerable as women in this group may have stayed at home to raise children and may not be certain of their ability to return to the workforce.
There are steps a woman can take to help her understand the financial situation. One should find out as much as possible about the current household financial situation. This can give a person an idea of budgeting in the event of a divorce or separation. Knowledge and understanding of one’s finances can better prepare a person for negotiating a settlement.
There are documents that can help one get a grasp on family finances. Any statements relating to retirement accounts are very helpful. Credit card statements can help one get a handle on how much debt is outstanding. Tax returns for at least the last three years can show income history and be useful in negotiations. Finally, it is important to have a copy of a pre or postnuptial agreement if one exists.
Being familiar with one’s financial situation including retirement investments can provide a person with a sense of confidence and security regarding a possible divorce or separation. Being able to review the situation with a family law attorney can further inform a woman of her options and provide valuable information going into a divorce or separation process. A family law attorney in Kentucky can provide valuable insight.