Common Financial Mistakes to Avoid in a Louisville Divorce

Common Financial Mistakes to Avoid in a Louisville Divorce

What are some of the common financial mistakes to avoid in a Louisville divorce? One of the most important reasons to work with the divorce and family law attorneys at Dodd & Dodd is the ability to avoid costly mistakes based upon emotion or misunderstanding. When you are in the midst of a divorce it can be hard to see the road ahead once the divorce is completed. Many clients we counsel find it difficult to imagine life after the divorce is completed. However, the process of a divorce isn’t simply about bringing a marriage to an end, it’s about laying the foundation for your new life moving forward.

One of the most common financial mistakes to avoid in a Louisville divorce is control of the family home. Our attorneys completely understand the emotional and financial attachment you have to your house. We understand all of the time and money you’ve invested to make it your own, and all the important family events which have occurred there. However, the ability to financially manage the expense of the house on your own after a divorce can be quite challenging for many going through a divorce. Is this really the best for you in the short and long-term?

Another of the common financial mistakes to avoid in a Louisville divorce is the failure to seek proper valuation of all assets (and debts). For example, there may be two separate investments which both have the same face value but have a substantially different basis and resulting tax implication. Those with collections or a business often attempt (consciously or subconsciously) to undervalue the asset knowing they will have to offset their former spouse’s marital interest in order to keep an asset after the divorce is completed.

Another of the most common financial mistakes to avoid in a Louisville divorce relates to retirement plans and accounts. Many people don’t realize that the largest asset the parties have is a actually the retirement accounts they’ve developed. A simple mistake in this area can literally cost hundreds of thousands of dollars down the road. This is why it is important to seek the proven advice and counsel of the Divorce and family law attorneys at Dodd & Dodd.

We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.