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Finances important to evaluate during divorce

On Behalf of | Oct 2, 2019 | Divorce |

Going through the marital dissolution process can no doubt be an emotional roller coaster. However, it can also be a financial one that has long-term consequences. This is why evaluating one’s finances is an essential step when embarking on the process of divorce in Ohio.

After deciding to get divorced, individuals would be wise to develop budgets because this can provide them with a strong overview of their finances. A budget should ideally list a divorcing individual’s expenses as well as his or her income. Although the income will not include the future ex-spouse’s earnings, it may include any alimony or child support that he or she expects to receive following the marital breakup. In addition, it is important to include as part of the expenses any items that the divorcing individual will be fully responsible for after the divorce, like the mortgage or car loan.

It is also expedient for those going through divorce to reexamine their financial aims. What goals would they like to accomplish in a given amount of time? For example, perhaps they would like to save up to buy a house within the next five years, or maybe they would like to be able to retire in 10 years. Once they identify their main goals, they can begin to come up with financial plans for achieving them.

Divorce can understandably be overwhelming and complicated no matter how many or few assets two spouses may have. Fortunately, an attorney in Ohio can walk a divorcing spouse through issues such as alimony, child support and property division and guide him or her in making informed decisions in these areas during informal negotiations with the other party. The attorney’s chief goal is to help the client to achieve a just and comprehensive settlement with his or her future ex. Of course, not all issues can be resolved outside of court, in which case, the attorney will be prepared to litigate these matters, keeping the client’s best interests at the forefront.