Financial issues in marriages can unfortunately lead to the dissolutions of these marriages. At the same time, divorce can lead to more personal financial issues for those who are not prepared to manage their finances — specifically, their investment accounts — during and after the divorce process. Here is a glimpse at how those going through divorce in Ohio can protect their financial best interests after their breakups.
First, it is a wise move to master how to divide investment accounts that are taxable. For instance, with brokerage accounts that are jointly held, people who are getting divorced usually have to draft letters requesting that their joint accounts be closed. Then, they can open up separate accounts in their own names.
Of course, not every type of investment asset is transferable. In addition, liquidating an investment asset might lead to fees, penalties and taxes. For divorcing individuals who worry that their spouses will take action on these accounts before they have reached agreements on them, they can request for the accounts to be frozen until both parties have decided together how to split their assets.
Navigating the financial aspect of divorce can no doubt be intimidating in Ohio. This is especially true for individuals who have a large number of assets or high-value assets. However, an attorney can help a divorcing individual to pursue a comprehensive divorce settlement with the other party that meets his or her personal needs. The attorney’s chief goal is to make sure that the client receives his or her fair share of the assets as part of the divorce proceeding.