Most married couples file jointly; and in many families one spouse has a much better handle on the family financial situation than the other. When the idea of divorce rears its ugly head, you and/or your spouse may need crash courses in tax law, financial planning, asset valuation, and bill paying.
Unfortunately, finance degrees (like law degrees) are not earned overnight, and people under severe financial or emotional stress usually don’t make the best students, even with the best intentions in the world.
Lack of basic knowledge of the tax consequences of certain decisions can unduly harm your prospects for an easy transition to life on your own, and might easily have adverse consequences on your chances of enjoying a secure retirement.
Divorce lawyers are by no means experts in financial accounting, and may not even be the world’s most astute business people, but they usually know pretty well what some of the most common tax, accounting and financial planning mistakes are and how to avoid them, and who to refer you to for tax and financial planning.
Should you keep your house as a home for your children or sell it and divide the proceeds? Should you sell your financial assets now at a loss or make a deal that gives you time to get a better price for your holdings later on? How do you rate an intangible goodagainst a tangible asset, like a valuable painting or family business?
Before you make a rash and possibly unwise decisions that may have serious ramifications for your future financial well-being when going through a divorce, you should sit down and review what you know about your family’s financial and tax situation with a professional (like a CPA or financial planner) and consult with a licensed divorce attorney. A good legal advisor can help you understand the pros and cons of various potential financial settlements. While divorce is never an easy process, knowing how to use the law to your advantage in defense of your rights is one of the greatest benefits of having counsel. Don’t pass up the opportunity to get a running start on framing a winning strategy in what will likely be one of the most challenging time of your life.
If you live in Connecticut, we hope your first thought would be to call Hirsch Legal, LLC. Our principal attorney, Carmina Hirsch, has years of courtroom experience successfully handling high-stakes divorces across the State of Connecticut. She also has the experience to advise a client when mediation would likely result in an equivalent or more advantageous settlement. If you live in New Haven, or in Fairfield County communities such as Bridgeport, Milford, Westport, Stamford, Waterbury, or Danbury, the quick drive to consult with us in Shelton may be one of the best decisions of your life.