Amy M. Levine & Associates, Attorneys at Law, LLC - Family Law, Bankruptcy, Probate Litigation, Criminal Defense
Divorce and Family Law Representation in Columbus, Ohio

Columbus, OH 614-360-2942
Huntington, WV 304-519-4354
New Albany, OH 614-721-7726
Toll Free   888-641-0805

Columbus, OH 614-360-2942
Huntington, WV 304-519-4354
New Albany, OH 614-721-7726
Toll Free   888-641-0805

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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

Things to do before you file bankruptcy

Filing for bankruptcy is a significant decision, especially when you have concerns about the lasting effects on your credit. Unfortunately, many people are unfamiliar enough with the bankruptcy process that they make mistakes as they prepare to file. There are a few...

Why it’s never too early to see a divorce lawyer

Divorce in Ohio is an emotional and challenging time for all involved parties. The decision to seek legal representation might be upsetting, yet it becomes necessary due to various circumstances. The following may help you know when to seek legal help and how it can...

Common mistakes that can jeopardize a car accident claim

Being involved in a car accident can be a traumatic and stressful experience. In the aftermath of an accident, it's important to take the necessary steps to protect your rights and ensure that you receive the compensation you deserve. However, many people make...

Understanding undue influence and proving a will

Administering an estate does not always go smoothly. Unfortunately, not everyone acts in good faith when someone with substantial assets dies. Malicious individuals might try to take advantage of a sick or elderly person to inherit their wealth. Understanding the...

Issues that most people overlook in divorce in Ohio

Although divorce is often narrowly thought of as a legal process involving the division of assets, there are other important concerns that can be overlooked during this time. It is essential to consider these factors when making decisions, especially if you and your...

Visit Our Blog

Contact Us For A
Free Consultation