Experiencing a divorce can be challenging and emotionally exhausting for any couple, especially as parents. In spite of the emotional turmoil, it is crucial for parents to maintain a healthy relationship for the sake of their children. This is where the concept of...
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Before Filing For Divorce, Prepare Financially
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A divorce can be a difficult process for all members of a family. But, by making a few carefully thought out preparations, you can both protect your assets and ensure a smoother transition for everyone involved.
Initial Steps
Even before contacting a divorce attorney, you may want to make an exhaustive inventory of all marital assets. You will have to list property you own in divorce negotiations; preparing a complete tally in advance will make this simpler, help you avoid forgetting to disclose easy-to-overlook assets like pensions and assist your family law attorney in crafting a negotiation strategy.
Especially for collectibles, jewelry, art or other pieces of property whose value can be difficult to determine, appraisals often prevent conflicts later over how much a given item is worth. You should also ensure that you are aware of all your spouse’s assets that may not have ever been mentioned to you. Investment profits must be reported to the Internal Revenue Service, so examining tax returns is a relatively convenient way to uncover the existence of stock-trading accounts or other assets.
You will also want to begin thinking about how your financial life will change after the divorce. Prepare a budget projection to determine whether your individual income, in addition to any potential divorce settlement, will meet your expenses. Remember, if you wish to remain in the family home, take into account the substantial costs home ownership entails even beyond the mortgage, including things like utility bills, property taxes and upkeep expenditures. After a divorce, child care costs or visitation expenses can also become burdensome, and you should factor them in.
Finally, you should consider how your credit will be affected by divorce. It is possible that your spouse took on debts that you are liable for without your knowledge, or damaged your credit score by processing transactions through a joint account. Request your credit report and look for any irregularities. In addition, obtain a credit card in your own name to begin building your personal credit.
Ask Your Attorney
Of course, you and your attorney will need to contemplate many other matters together later in the divorce process. But, by addressing a few essential financial issues before entering into divorce negotiations, you may be able to secure a more fair and favorable settlement.
Amy M. Levine
View Profile
Our Latest Blog Posts
Creating a strong co-parenting relationship during a divorce
Experiencing a divorce can be challenging and emotionally exhausting for any couple, especially as parents. In spite of the emotional turmoil, it is crucial for parents to maintain a healthy relationship for the sake of their children. This is where the concept of...
The benefits of adopting your stepchild
Many Ohio residents choose to adopt to start or expand their family. If you have gotten married and your spouse has a child from a previous relationship, you might consider adopting your stepchild. These are some benefits of stepparent adoption. Adopting your...
Can you refuse visitation if the co-parent arrives intoxicated?
Navigating a shared custody plan with a co-parent who struggles with substance abuse poses unique challenges. For example, how do you respond when they arrive to pick up the children for their parenting time but you can tell that they have been drinking? There are...
3 tips for summer vacation and shared custody
Now that spring has arrived, planning for a fun summer vacation starts. If you have shared custody of your children, planning ahead holds even more importance. To help your children have a positive memorable summer, consider these three tips. 1. Check your parenting...
How to prepare for a divorce
Divorce can be a scary prospect for Ohio residents. However, preparation can help alleviate some of the stress and uncertainty that come with it. Taking the right steps in preparing for divorce will get you through this difficult time. Understanding the law The first...
Visit Our Blog