Working with an experienced family law attorney during a divorce is recommended to help Ohio residents avoid some common divorce pitfalls.
Getting a divorce is commonly considered to be one of the most stressful experiences a person can go through. Most Ohioans who have gotten divorced can attest to that. While some people may fear that hiring an attorney for a divorce is too costly, not doing so may actually end up hurting them far more than the cost of attorney’s fees ever could. Following are just some of the benefits of working with an attorney during a divorce.
Finding hidden funds or assets
Even people who don’t think their spouses would ever do anything fraudulent can be wrong. When there is a lot on the line, as during a divorce, people may do things that would otherwise be out of character for them-including hiding money from their spouses.
There are many ways that money may be kept hidden. Daily Finance indicates these include the following:
- Opening separate accounts that are not disclosed.
- Transferring money to a third party and then getting it back again after the divorce is final.
- Getting cash back on everyday purchases over a period of time and not reporting it.
- Asking an employer to delay a promotion, bonus or commission until a divorce is finalized.
Business owners may even choose not to invoice clients until a divorce settlement is complete, keeping the income from those invoices out of the divorce proceedings. An attorney will know the signs that may indicate additional assets are available and how to investigate the matter.
Costly asset division choices
Many people, especially wives, often put a lot of energy into keeping their family homes in divorce settlements. However, Forbes indicates this is often not a wise financial decision. The cost of maintaining a home and the possibility of paying capital gains taxes if it is eventually sold can outweigh the benefit of keeping it. Opting instead for retirement assets may be a better choice for some spouses.
When it comes to choosing retirement assets to keep or share, spouses should properly evaluate the tax implications. Some accounts are funded with pre-tax dollars but others are not. This may make a significant difference in a person’s long-term financial picture. A lawyer experienced with property division agreements will understand the nuances of situations like this and can help spouses make the best financial decisions for their needs.
Keeping emotions at bay
The emotional nature of a divorce can make it difficult for Ohio residents to properly focus on the big picture or to make their best choices. Working with a family law attorney during a divorce gives spouses a neutral third party to help them avoid making decisions based upon emotions. This can help spouses feel more confident that their divorce agreements are truly in their best interests.