Mismanaged Financials In Domestic Relations Cases
Volkema Thomas, LLC, is one of Ohio’s premier legal malpractice firms. We have the resources and experience to pursue cases involving all forms of attorney negligence, including those related to failure to protect assets in a divorce. Based in Columbus, our attorneys serve the needs of those harmed by legal malpractice throughout Ohio.
What Type Of Mismanaged Financials Can Lead To A Malpractice Claim?
Lawyers should do everything possible to protect all assets in a domestic relations case, and failure to do so can give rise to a malpractice case. These financials typically include:
- Bank accounts
- Retirement accounts
- Real estate
- Trust accounts
Regardless of the exact type of assets involved in a particular situation, an attorney has a duty to protect the assets so that his or her client receives a fair share once the divorce is finalized.
What Are Attorneys Supposed To Do To Protect Assets?
An attorney should put safeguards in place so that the finances and assets involved in a divorce are protected until they can be properly divided. Failure to implement these safeguards can lead to unilateral action by one spouse and adversely impact the couple’s financial situation.
For example, if a lawyer does not protect common assets by asking the court to freeze the account, issue a notice of marital claim to assets or prevent a change in beneficiaries, the other spouse may be able to drain the funds in the account. A similar situation exists when attorneys fail to seek asset protection from the court, and one spouse rolls 401(k)s or other investment accounts into IRAs, giving him or her more access to the cash value of the accounts. Both of these situations show negligent conduct on the part of the attorney and could lead to malpractice claims.
Other Financial Issues In Domestic Relations Cases
In addition to the issues addressed above, legal malpractice claims can stem from an attorney’s failure to consider tax consequences or to adequately address divorce-related topics such as qualified domestic relations orders (QDROs). Whether your situation involves mismanaged financials or any other form of legal malpractice in a domestic relations case, we can provide you with a clear picture of all the legal options available to you.
Call Volkema Thomas, LLC, at 614-227-7061 or contact us online to discuss your situation with one of our mismanaged financials in domestic relations cases attorneys.