BUILDING A STRONG FINANCIAL FUTURE AFTER DIVORCE

Divorce can be a difficult process, and it is normal to feel emotionally overwhelmed when it comes to financial decisions. However, decisions should be made and arrangements structured based on what is fair, equitable and allows for a strong future. One way to ensure that this happens is to make sure that all debts are disclosed and to seek an equitable distribution of all marital debts.

It is also important to protect future interests by updating any estate plans and retirements accounts to reflect the new situation. Beneficiaries should be changed, and it may be necessary to rework a retirement savings strategy based on post-divorce financial capabilities. Many people find themselves in financial trouble after divorce, but full disclosure of debts and assets and the help of an experienced lawyer can ensure that a person is protected during this time of transition. 

Divorce can be the first step in the journey toward a better future, but it is critical to ensure that all financial elements are carefully considered during the actual divorce process. Before making important decisions, Kentucky readers should seek the counsel of an experienced family law attorney. Navigating a divorce can be difficult, but it does not have to be done alone.

Source: msnewsnow.com, “7 ways to protect yourself financially in a divorce“, Andrew Housser, July 18, 2016

 

OLDER INDIVIDUALS AND DIVORCE: PROTECTING FINANCIAL INTERESTS

One of the main reasons that a gray divorce can be difficult is that one or both parties may have been out of the workforce for a significant amount of time. If one spouse is still working, it is possible that there is significant financial disparity between the two parties. Either way, protecting future financial interests should be the primary concern during a divorce.

Full disclosure of all assets and debts is important, but so is the careful consideration of the tax implications of the distribution of marital property. A person who is dependant on a spouse for financial stability may not be able to carry the financial responsibility of retaining ownership of the house. A person considering divorce should also weigh the property taxes that can come with obtaining other valuable assets during a divorce.

An experienced family law attorney is the most valuable ally for an individual facing this situation. He or she can help a person consider legal options and choose the approach that best ensures future financial stability. The first step toward understanding what lies ahead in a divorce and securing the legal counsel that is needed is scheduling a complete case evaluation with a Kentucky lawyer. 

Source: money.usnews.com, “Gray Divorce: What Women Who Divorce Later in Life Need to Know“, Debbie Carlson, July 21, 2016

 

DIVORCE COULD BE THE PATH TO A STRONGER, HEALTHIER FUTURE

Rather than staying in a bad or difficult marriage, a divorce can allow a person to pursue the future that he or she wants. From being a better parent, applying for a different job or moving to a different house, divorce can open certain doors of opportunity that may have been closed if not for the end of the marriage. Once custody orders are agreed upon and schedules have been established, parents may even find that children adjust quite well to the new circumstances.

It is no secret that divorce is difficult, but no one has to go through the process alone. In addition to providing legal counsel, an experienced attorney can provide support and guidance during the complex process. It may not be easy to work through child custody disputes and property division, but these steps can lay the foundation for a better and stronger future. 

If a Kentucky reader is delaying a divorce because of concerns or fears, he or she would benefit from seeking the advice of a divorce lawyer. Often, people may find that the process is quite manageable, especially with the support of a strong legal ally. Divorce can be intimidating, but it may be the right path to take for a sustainable, stronger and enjoyable future.

Source: The Huffington Post, “11 Reasons Divorce Is Better Than Staying In A Bad Marriage“, Brittany Wong, July 11, 2016

IS YOUR SOON-TO-BE EX-SPOUSE HIDING ASSETS?

Consequently, even when divorcing spouses agree about a divorce and are on good terms, fear may drive an ex to engage in questionable or downright illegal behaviors. This is often especially true when it comes to financial matters and hiding assets.

Where to Search For Hidden Assets

The following are four common ways that divorcing spouses attempt to hide assets:

  1. Hidden bank or investment accounts
  2. Failing to disclose or delaying a job-related bonus or promotion
  3. Funneling money to friends or family members via bogus loans
  4. Hidden valuable purchases such as jewelry, art work and antiques

Tips for Uncovering Hidden Assets

  1. Review tax returns and pay stub information and cross reference the amounts against those deposited into any known checking, savings or investment accounts
  2. Subpoena a spouse’s employer and request information related to his or her salary, stock options, bonus amounts and retirement plan
  3. Review account statements to determine if any unaccounted for assets were transferred or withdrawn
  4. Review financial account statements, wire transfer information and cancelled checks to uncover hidden purchases

A Divorce Attorney Will Protect Your Financial Interests

During divorce proceedings, both spouses are required to file financial affidavits and account for all individual and marital assets and debts. Unfortunately, some spouses fail to provide accurate records and instead take steps to intentionally hide assets.

On your own, it can be exceedingly difficult to determine if a spouse is squirreling away assets. The discovery and recovery of hidden assets is just one way that a divorce attorney can assist in your divorce case and help provide for your and your family’s future financial security.