Amy M. Levine & Associates, Attorneys at Law, LLC - Family Law, Bankruptcy, Probate Litigation, Criminal Defense
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Columbus, OH 614-360-2942
Huntington, WV 304-519-4354
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Columbus, OH 614-360-2942
Huntington, WV 304-519-4354
New Albany, OH

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Amy M. Levine
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Overlooking assets in a divorce

Divorce proceedings could prove incredibly stressful for both spouses. Stress sometimes contributes to distractions, which may be particularly unhelpful during legal proceedings. When discussing divorce settlement matters, overlooking anything creates eventual...

Man found guilty of defrauding Medicaid of $2 million

On April 27, a 57-year-old Ohio man was found guilty of health care fraud and several other charges related to a Medicaid billing scheme. According to prosecutors, the man received around $2 million in fraudulent reimbursements from Medicaid. Billing for X-rays that...

Medical debt is the top cause of bankruptcy filings

Medical debt is the No. 1 reason that people file for bankruptcy. An abrupt illness can lead to excessive medical bills that are even difficult to pay for people who have full-time jobs and health insurance. The medical debt factor has been on the minds of many people...

Understanding the Ohio probate process

It's a good idea to take the time to draw up a will if you haven't already. This document lets you leave money and assets to your family, friends and selected charities. If you don't leave a will, your estate may be subject to laws that determine how your estate is...

Signs a divorce may be right for you

Nobody gets married with the intention of getting a divorce, but it may be right for some couples. Even though 50% of marriages in the United States end in divorce, many more couples turn a blind eye to the signs they divorce may be the best option for themselves....

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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

Overlooking assets in a divorce

Divorce proceedings could prove incredibly stressful for both spouses. Stress sometimes contributes to distractions, which may be particularly unhelpful during legal proceedings. When discussing divorce settlement matters, overlooking anything creates eventual...

Man found guilty of defrauding Medicaid of $2 million

On April 27, a 57-year-old Ohio man was found guilty of health care fraud and several other charges related to a Medicaid billing scheme. According to prosecutors, the man received around $2 million in fraudulent reimbursements from Medicaid. Billing for X-rays that...

Medical debt is the top cause of bankruptcy filings

Medical debt is the No. 1 reason that people file for bankruptcy. An abrupt illness can lead to excessive medical bills that are even difficult to pay for people who have full-time jobs and health insurance. The medical debt factor has been on the minds of many people...

Understanding the Ohio probate process

It's a good idea to take the time to draw up a will if you haven't already. This document lets you leave money and assets to your family, friends and selected charities. If you don't leave a will, your estate may be subject to laws that determine how your estate is...

Signs a divorce may be right for you

Nobody gets married with the intention of getting a divorce, but it may be right for some couples. Even though 50% of marriages in the United States end in divorce, many more couples turn a blind eye to the signs they divorce may be the best option for themselves....

Visit Our Blog

Contact Us For A
Free Consultation