Financial issues often remain after a divorce in Louisville. The cost of maintaining separate households or adjusting to life without a substantial income is a common challenge for those who have recently completed a divorce.
Just because a Louisville couple has reached agreement on the property division and issues such as child custody and parenting time, child support and even maintenance in their divorce doesn’t mean all the financial problems have been solved. There are still a lot of details to work out, including post-divorce personal finance management.
Financial issues often remain after a divorce for those with credit issues. Spouses who have no credit in their own name should consider for credit in some form as soon as possible. They also should cancel any joint accounts if they haven’t done so by now. Another thing to do promptly is to update wills and other estate planning documents. If this is not done, an ex-spouse could be in a position of inheritance in the event of an unexpected illness or accident. Along these same lines, a person should update beneficiaries on insurance policies, retirement accounts and other accounts that bear an ex-spouse’s name.
If the property division calls for the house to be sold and proceeds split, this should be done as soon as possible. If one spouse is keeping the house, they should refinance to get a mortgage in their own name. Coming up with a budget for a single person or parent with custody of their children also is important. A person’s finances change with divorce, so it is important to understand how much income one has, as well as ongoing obligations such as debt payments and living expenses.
It also is helpful to have a plan in place in case an ex-spouse doesn’t honor the financial agreement when it comes to child and maintenance post-decree.
While some divorce matters can be handled without an attorney, most will require legal assistance, especially if a person has to go to court to enforce provisions in the financial settlement agreement. The divorce and family law attorneys at Dodd & Dodd are able to assist by providing sound advice and counsel, preparing required paperwork and representing and defending your interests in court.
Financial issues often remain after a divorce in Louisville but with sound planning and the advice of the experienced Louisville divorce attorneys at Dodd & Dodd our clients are often in a much better position to start the next chapter of their life. Protect your own interests and contact us or call 502-584-1108 to schedule an appointment for a remote or socially distanced consultation with one of our experienced Divorce and family law attorneys.
