Have you reached a decision point in your mind that it’s time to consider bringing an end to your marriage? What are some tips for organizing for a divorce in Louisville? What are some of the things which might surprise you as you begin the process?
In most marriages one of the spouses handles most of the finances and the other basically operates off of the credit and debit cards. Perhaps one of you owns a business. The first thing that might surprise you is the amount of pre-planning required for a successful divorce.
It is always best to have a detailed plan before launching a new business or venture. The same is true for a divorce. The divorce and family law attorneys at Dodd & Dodd want to know what concerns you. What is your biggest fear? What worries keep you awake at night? What are the goals and priorities you want to achieve and protect? We provide sound counsel and advice based upon decades of experience.
Organizing for a divorce begins with the strategic accumulation of records which will be needed for everything from marital property division to questions of child custody and visitation, spousal maintenance and even the valuation of a business. Hard copies are better than online access, especially for shared accounts (or a spouse’s credit card). You’ll need tax returns for the past 2 to 3 years. If you or your spouse owns a business or professional practice make sure you have copies of those returns as well. This includes wage reporting documents such as W2’s, 1099s, K1s and/or Profit and Loss Statements.
Print or capture statements for every financial, debt or credit account in your name, your spouse’s name or both for the past 2 years. This leads to the second thing which might surprise you or your former spouse: it doesn’t matter who’s name it’s in or who’s on title; Anything from the date of the marriage to the date of separation is going to almost always be “marital” property belonging to or owed by both. Marital property (debts and assets) is to be divided equally between the two of you.
The third thing about organizing for a divorce in Louisville involves what is often one of the largest asset(s) a married couple has. This area of assets often exceeds even the equity in the family home: Retirement accounts and pensions. It is not uncommon for those seeking a divorce to forget all about retirement, or assume that retirement stays with the person who’s named on the account. Retirement and pension assets are most often marital property. The division of these accounts is quite financially and legally complex.
You will need sound advice and counsel. You will need a plan and strategies for each component of your divorce. How will you manage “this” discussion or “that” conversation? Does it matter who files first? What should you expect? Knowledge is power, and a plan is genuine power.
We invite you to learn more about the process, calm your fears and get answers to your questions. Contact us or call 502-584-1108 to schedule an appointment for a safe, confidential and private consultation with one of our experienced and proven Divorce and family law attorneys.
