The process of divorce is complex, and a divorce can impact many aspects of your life. How will you divide your property? Will you need to move to a new home? How will you adjust to life in a single-income household? What will happen to your kids? With so many aspects of your life to consider, it can be easy to overlook other details. However, there are a variety of considerations that divorcing couples should not ignore.
Insurance coverage
When one person’s health insurance previously covered their spouse, they will probably lose that healthcare coverage after divorce. If your spouse previously covered your health insurance, be sure to research your healthcare options and apply for new coverage before the divorce is finalized.
Beneficiary designations
Has your spouse been your beneficiary for your life insurance policy or your 401K? While Ohio law revokes the beneficiary status of your ex in your will upon your divorce, they may not be revoked automatically from other documents. You should contact your providers to make sure that these documents are updated.
Jointly held liabilities
If you and your spouse shared a credit card or applied for a mortgage together, that debt will be in both your names. Even if the court assigns that debt to your spouse during property division, you will still be held liable if they do not pay. Consider cancelling joint credit cards and having other debts transferred into one person’s name to avoid future issues.
The cost of college for your child
The younger your children, the more likely you are to overlook college expenses. However, it can be essential to consider the cost of college now. In the state of Ohio, you can agree to extend child support through your child’s college career. However, this decision must be made in your initial divorce settlement.
An experienced divorce attorney can help you address these and many other important details in your divorce. By keeping these details in mind, you can end your marriage with confidence in your future.