What are the important financial issues to consider before filing a divorce? In Kentucky and around the country, there is commonly an uptick in the number of divorce filings after the New Year. Many people choose to file for divorce at the beginning of the year so they can start their lives afresh. New divorce filings often pick up after Valentines day and continue through spring. When the divorce filing is not done with careful consideration of the potential financial implications, people may find that making the decision was not the best idea for them.
Before choosing to file for divorce, it’s a good idea for people to seek advice from a financial planner and a tax adviser or attorney to make certain that there is a clear understanding of the important financial issues to consider before filing a divorce. These professionals should help them to determine whether they truly understand the full financial impact of what they are doing. They will also want to make certain they have thought through everything, including their relative incomes, assets, life insurance policies and medical benefits.
Kentucky law treats all assets accumulated during a marriage as the marital property of both spouses. When people file for divorce, they should thus expect the assets that have accumulated to be divided fairly equally between themselves and their spouses. If there are retirement accounts, those will also be subject to division.
While many people decide to divorce based upon emotional considerations, they often forget that they face a potentially large financial impact. A person who has thought through all of the financial considerations and still believes that a divorce is appropriate may want to meet with the experienced family law attorneys at Dodd & Dodd to further discuss the ramifications. Our attorneys work to accomplish our client’s goals and objectives as well as reach a property division settlement agreement which can be approved by the court and made a part of the decree.
What are going to be the important financial issues to consider before filing a divorce in your case? Contact Dodd & Dodd or call 502-584-1108 to learn more or schedule an appointment.
