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Property division errors that can ruin post-divorce finances

On Behalf of | Nov 6, 2017 | Firm News, Property Division

When untying the knot of marriage in Kentucky, the emotions and many important decisions that must be made by each spouse can become overwhelming. Professionals who help individuals who are in the throes of a divorce with property division and other issues say there are common errors made by many. Sadly, these mistakes can be detrimental to post-divorce financial stability.

One error many divorcing spouses make is not understanding the extent of the marital assets, and not knowing where assets are kept. Dividing property is typically much more than uncomplicated math calculations. The complexities of the marital estate, such as investment portfolios and shares in addition to retirement funds such as 401(k)s, IRAs and more, might indicate the need for financial advisers to assist both parties.

Along with financial guidance, gathering other professionals as part of the legal support team can make a significant difference to the navigation of the divorce. It is not uncommon for an experienced divorce attorney to have additional resources that might be required. These often include financial, tax and real estate advisers along with those who can help with child-related issues and also a mediator if the couple decides on divorce mediation.

So, after making sure the divorcing person has a comprehensive understanding of the financial aspects of the marital estate and having gathered a legal support team to provide the necessary support and guidance, one other error can lead to future litigation. Agreeing or conceding to issues not put in writing in the settlement agreement can be mortifying. An example is one spouse promising inheritances or study funds for the children that never come to fruition because it was not recorded. Critical errors in property division can, in most cases, be avoided by securing the services of an experienced Kentucky divorce attorney.

Source: thestreet.com, “3 Worst Financial Mistakes You Can Make in a Divorce“, Kathryn Tuggle, Accessed on Nov. 6, 2017