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Monetary mistakes during divorce can have long-term consequences

On Behalf of | Jul 26, 2019 | Divorce |

Experts say that the chance of getting divorced is 39%, which is a drop from the previously cited statistic of almost 50%. However, divorce is still relatively common, and when it does happen, it can be difficult to handle emotionally as well as financially. In Ohio or elsewhere, certain financial mistakes may make the divorce process even more challenging.

For starters, some individuals who are about to embark on divorce might contemplate selling their highly appreciated investments so that they can cover costs related to the family court proceedings. Unfortunately, selling these investments might spark hefty tax consequences. Furthermore, it may keep the seller from being able to accomplish his or her monetary goals long term.

Another financial mistake often made during divorce is to keep the family home. People who are getting divorced may want to keep their marital homes for sentimental reasons, especially if they have custody of the children. However, keeping up with the cost of maintaining a home, in addition to covering the mortgage oneself, can be daunting. Sometimes, the party that keeps the family home later learns that the house has negative equity, meaning that it is not worth as much as the amount owed on it.

Although the financial aspect of divorce can be difficult to deal with, two spouses who decide to divorce may make it easier for themselves by going through divorce negotiation or mediation, rather than going to trial. Of course, in some situations, avoiding trial altogether is not possible. Either way, a divorce attorney in Ohio can provide the direction needed to achieve the most personally beneficial outcome possible.