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Attention to finances critical when settling a divorce

On Behalf of | Jan 24, 2020 | Divorce |

The dissolution of a marriage can quickly take a financial toll on an individual in Ohio. Fortunately, taking certain steps can help to minimize divorce’s negative effects on a person’s finances. Here is a glimpse at these steps and why they matter during a marital breakup.

For one, people who are getting divorced would be wise to ensure that they fully understand their finances. This includes understanding how much money they are bringing in each month versus how much they are spending. Scrutinizing and prioritizing their expenses is especially important because this will allow them to figure out which potential divorce settlements may work best for them based on their future budgetary needs.

Also, divorcing individuals may be wise to avoid paying attention to emotional assets. An emotional asset is an asset that they do not value much but are willing to fight for because their future exes value it. Claiming this asset might make them feel like winners against their spouses, but it might not help them financially in the end. The best assets to pursue instead may include, for example, rental real estate or stocks.

Determining which assets to pursue and which to ignore may understandably seem confusing during the divorce process. For instance, should a person who is going through divorce focus on getting cash versus real estate? Unfortunately, the wrong decision can have long-term implications for a divorcee’s financial situation. Fortunately, though, an attorney in Ohio can provide a divorcing individual with the guidance needed to make the most personally favorable financial decisions possible during his or her divorce proceeding.