A divorce will impact every facet of life, including finances. Most Ohio couples facing divorce will admit that they have concerns about the cost of the legal process, the division of marital assets and child custody arrangements. These are legitimate concerns, and every decision pertaining to finances should be carefully considered as a high-asset divorce can have a major impact for years and decades to follow.
Fortunately, Ohio couples are able to protect their financial futures after divorce. One of the ways to find stability after divorce is to accurately calculate the cost of living after the divorce becomes final. For example, a parent seeking custody of the children should consider all possible monthly expenses and factor that amount into the amount of financial support sought.
While it is normal to feel protective of property, individuals should consider the tax implications of any assets sought. Winning the vacation home is great, but it could come with a heavy price tag in the form of taxes and maintenance costs. Couples, particularly those with significant amounts of wealth, will benefit from implementing financial plans with their post-divorce needs in mind.
Separating finances can be a complex, emotionally charged process. An individual with concerns about property and asset division or a spouse whose husband or wife is attempting to hide assets will likely benefit from the assistance of a lawyer who is experienced in complex high-asset divorce. Each person has the right to seek a stable and secure financial future after divorce through negotiation or litigation.
Source: fox19.com, "Divorce and Money: How to protect financial assets", Nathan Bachrach, May 15, 2015