Because the items individuals accumulate over the courses of their lives often hold important meaning to them, it can be difficult to part with those items. In some cases, Kentucky residents may feel a great sentimental attachment to property while other assets may have significant monetary value. As a result, when a married couple chooses to divorce, the idea of going through property division proceedings may seem daunting.
Of course, individuals could take steps to help lessen the stress of this process by creating a prenuptial agreement. Though many people may think it tactless to bring up such a document, it can potentially have beneficial uses. Couples can specifically define what should be considered separate and marital property and how gifts given between spouses should be addressed.
While such terms are often considered obvious, some parties may overlook other important items as well. Individuals may want to detail their wishes to protect retirement accounts in order to ensure that those funds do not get divided. Additionally, parties may also create terms regarding debt accumulated by each individual so that the divorce does not result in one party taking on the other's outstanding liabilities.
Without a prenuptial agreement, property division proceedings may seem more complex, but individuals could still work through the process effectively. However, if Kentucky residents are interested in streamlining the division, they may wish to look into their options for creating such an agreement. Interested individuals may wish to speak with knowledgeable attorneys for more information on prenups as well as asset division without this type of document.