Financial errors in a Jefferson County divorce can be costly. Couples in Louisville who are getting a divorce often have to deal with the emotions and other issues that can accompany such a drastic life change. Missteps made by divorcing people make can cost time and money. They include a lack of knowledge about assets, an absence of competent financial and legal advice, and agreements or expectations that are not reduced to writing.
Each former spouse is legally required to make a full, accurate and transparent disclosure of accounts, debts and assets. Mistakes and financial errors in a Jefferson County divorce can lead to serious problems down the road whether it is a high asset divorce or one in which the finances are more modest.
Marital property division is a common cause for disputes. While the equal division of assets and liabilities is often a matter of mathematics, many spouses are completely unaware of their financial circumstances. Some spouses try to hide money or other assets in anticipation of a divorce. Making unrealistic and unwise concessions just to get the proceeding over with is most often a poor long-term decision.
Experts in relevant areas can provide assistance. It is not necessary to have a vast team of attorneys and financial professionals to garner quality advice. It is even possible for both spouses to use the same financial adviser to try and keep the divorce civil and come to a fair distribution of assets, although they cannot have the same attorney due to conflict of interest rules.
One common mistake is to simply acquiesce to the other spouse’s demands or to think that the spouse will be ‘fair” in adhering to oral agreements. If an agreement is not made a part of the final divorce decree, difficulties could arise in trying to enforce it in the event of a later dispute.
While financial errors in a Jefferson County divorce can be costly, the experienced divorce and family law attorneys at Dodd & Dodd will help to protect you. A discussion concerning the division of property is just one of many divorce matters that can often become contentious. Our proven family law attorneys can help to negotiate a comprehensive settlement agreement which covers the relevant issues.
Each former spouse maintains a legal fiduciary duty to fully disclose all assets and debts until the divorce is completed. The failure to do so can result in substantial penalties and financial sanctions to those who try to hide money or understate the value of assets or accounts.
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.
