Common Divorce Mistakes
Divorce is hard and there are plenty of mistakes to be made in Central Kentucky divorce cases. Luckily, Lexington, Kentucky family law attorneys are both willing and able to assist parties filing for divorce. If you find yourself thinking about divorce, read about a few of the top divorce mistakes and how to avoid them. Contact us if you have questions, as we would love to hear from you and answer your questions.
Couples, especially couples with children, forget about the various tax implications that accompany alimony and child support payments. Remember to change your filing status. When you divorce, the tax returns you file the following April 15th reflect your marital status at the end of the year. If you were divorced by December 31st, then you should file a single return, and not depend on a spouse to file a joint return. During mediation or by motion after filing for divorce, the parties must also must address who is eligible to claim a dependent with a newly changed tax status. Many clients and have two eligible dependents find it easier for each parent to claim a dependent. Addressing this early with your Central Kentucky family law attorney can help set the tone for the rest of the divorce proceedings.
It is important to seek the counsel of an experienced Lexington, Kentucky attorney who can help define the types of support needed during the divorce proceeding, and explain the tax implications of each choice. With the help of a Kentucky divorce lawyer, you can learn what options are available to you so along with your Kentucky tax preparer you can make an informed decision.
When you first meet with your Kentucky family law attorney, the attorney will ask if you have any assets that would be divided as marital property. This includes homes, boats, breeding rights to thoroughbred racehorses, etc. Your lawyer will also ask about any joint debt. It is important to address the issue of debt because if you acquire debt as a couple, both are bound to the debt. It’s usually against the advice of your legal counsel to go open up new credit card accounts and put your marriage into additional debt. Kentucky judges and lawyers often find the need to enter into a Status Quo Order, meaning that neither party is to substantially change the value pool of marital assets. When the order is entered, it applies to both yourself and your spouse. The best action to take is to contact a Central Kentucky divorce lawyer for advice on your specific situation, and he or she will consul you on what types of debts or assets are considered marital assets in Kentucky.
If you don’t have a Status Quo Order entered as you are just starting the divorce, take caution when you purchase anything that requires a payment plan or other assets to be used as collateral. For example, if you buy a vehicle together, and sign both names on the financing paperwork, and that debt is sold to a third party creditor, they will go after both parties on the original document. The divorce decree will not protect you from the collection of that co-signed debt. It is important then to not accrue any additional debt, either joint or separate. Again, it is important to think about the future of your assets and your finances. Hiring the right Lexington family law attorney to help with divorce proceedings will ensure both your present and your future are well cared for.
Divorce is hard; we can help
The A.M. Brown Law Office, located in Lexington, Kentucky offers clients personalized representation. We understand that family is personal and take great care to advocate for our clients in Central Kentucky. If you are thinking about filing for divorce, give us a call. Divorce is hard; we can help. Call 859-359-6370 or fill out the form below for your free phone or online consultation.