What are some of the most important tips when considering a divorce in Louisville? Most people who file for divorce have been thinking about the end of their marriage for quite some time. There are many things on your mind, things you are worried about protecting, and others that are important to you. What are some of the most effective things you can do to prepare for a divorce, especially if you have children, a business, or substantial retirement accounts and pensions such as the TRS (Teachers’ Retirement System of Kentucky)? What are some of the most common mistakes one can make regarding the time and money associated with a divorce in Louisville?
It is important to understand the cost of your divorce is directly related to the amount of issues where there will be genuine disagreement between you and your spouse, and your ability to work through those issues to reach a settlement. This is the central issue that will impact both the cost of your divorce and the time it will take to finish the process. It is also the key to reducing the emotional and financial impact of the process.
It is natural to begin the process by listing the most important things to you. In most cases, a bit of “give and take” will go a long way to helping you accomplish your goals effectively and efficiently. Where are the lines clearer and bolder for you, and where is there more room to give a little to ensure you can protect what is most important?
There is a lot of information that you will need for the initial disclosures, and you want to make sure you will have access to that data throughout the process. You never know what others might do once the divorce begins. Start by listing and obtaining statements for every bank account, credit card, and retirement account (including 401k, pensions, stock options) in either or both of your names. You will also want the past 3 years’ tax returns, especially if there is a business interest, or either of you is in professional practice.
If you are a parent, continue to ensure you actively participate in as many aspects of each child’s life as possible. Visitation or parenting time is about taking care of each child from the moment they wake up until they go to sleep at night, and ensuring they have a clean, safe home. If you haven’t been as active in some aspect of a child’s life, such as taking them to or from school or extra-curricular activities, you might want to consider increasing attentiveness to these issues as you prepare to share parenting responsibilities.
Another of the most important tips when considering a divorce in Louisville involves a strategy to help manage and balance your emotions along the way. When times get a bit challenging, you will need a plan for restoring a sense of calm, peace, and a firm foundation. It is also essential to develop a strategy for every form of documentable communication: texts, emails, phone calls, and voicemails. Imagine that every text you send, every email you write, and every phone message you leave will be heard by the Judge in your case, as well as every important person in your life. These things tend to become evidence when issues become a bit more contested, and you’ll want to make sure you maintain decorum and positively comport yourself. The Judge in your case will pay close attention to both parties’ actions, behaviors, and communications. This is an area where a little attention and pre-planning can make a substantial difference in the outcome of your divorce.
Finally, it is crucial to understand the concept of the “fiduciary duty” owed by each spouse to the other, from the day of the marriage to the date of the final divorce decree. In simple terms, this essentially means to act in the other’s best interests, which may seem quite challenging in the context of a divorce. However, it is important to know that financial disclosures must be completed at the outset of your case. Your legal duty is to provide complete, accurate, comprehensive, and transparent information.
Any attempt to hide money, alter the profitability or value of a business or professional practice, or even run up credit cards will become evidence against the party attempting to mislead the other spouse or the Court. This will result in substantial sanctions from the Court with significant legal and financial consequences for the person who is not accurate and transparent in their disclosures and communications. The penalty for attempting to hide something or under-report its value usually far exceeds the amount one tried to conceal.
There are many decisions to be made in the weeks and months ahead. These decisions and your work with the experienced divorce and family law attorneys at Dodd & Dodd will lay the foundation for the rest of your life. It is essential to develop strategies to ensure your decisions are taken with a clear mind and without emotion as much as possible. We all know that emotional decisions are usually not sound decisions. This is especially true in the context of a divorce. We work with our clients to ensure they have every pertinent fact and consider every aspect of each important decision.
These are some of the most important tips when considering a divorce in Louisville. What is most important to you? You’ll need sound advice and counsel, as well as an experienced, proven attorney who can guide you through each step of your divorce while protecting the things most important to you.
We invite you to review the strong recommendations of our former clients and the legal industry and contact Dodd & Dodd or call 502-584-1108 to schedule an appointment with one of our attorneys.
