Divorce is a daunting process for anyone, but it can be particularly overwhelming for a woman who has never managed her financial affairs independently. In some Ohio families, women choose to stay home or simply earn less than their spouses, making them particularly vulnerable during divorce. Fortunately, there is a way to navigate the end of a marriage that builds a foundation for a solid financial future.
One of the first steps to take is to close joint accounts with a spouse as soon as possible. A woman can gain a clear picture of her financial capabilities by creating a budget and keeping track of her expenses. This, along with obtaining copies of any financial records, can go a long way in supporting a claim for spousal support after a marriage is over.
It is also important to remember that marital property may not be split equally between the two parties. When dividing marital property, it is important to consider the tax implications of particularly valuable assets. Neither spouse should be left with an unfair portion of debt, even if the debt was accumulated by just one spouse.
Often divorce thrusts upon a person the responsibility of managing his or her financial affairs without the additional income of a spouse. While this can be stressful, any Ohio resident navigating the divorce process should take care to make decisions that are based on his or her long-term well-being instead of focusing on short-term emotional victories. Financial peace of mind after divorce is attainable, and it begins with a smart divorce plan. By seeking the counsel of an experienced lawyer, a woman can understand which options are available to her.
Source: The Huffington Post, "7 Financial Tips for Women Facing Divorce", Jennifer Leighton, Dec. 1, 2015