The divorce process is often one that leaves involved parties confused, emotional and distraught. Many couples in Ohio want the split to be over so that they can get on with the rest of their lives. According to some legal experts, this leads people to rush the process. Doing this can lead to many unwanted repercussions, especially if a couple is involved in a High Asset divorce.
Ending a marriage swiftly and decisively can create regret in both parties. One ex may wonder if she or he could have received more spousal support while the other may be reflecting on the possibility that her or his former spouse got too much of the business. Such regrets can be avoided if the couple is willing to work out the divorce settlement slowly, allowing them to calculate the after-effects of the agreement before it is finalized.
This is why many suggest the use of a financial expert during the split. If property needs to be valued or finances are too confusing to split, a professional can be extremely helpful. Though it may cost additional money to hire such an individual, it is very likely that her or his expertise can save the splitting spouses money and time in the long run.
Many attorneys suggest that couples heading into marriage create a prenuptial agreement. While those that are already married cannot do this, they can file a spousal agreement. Both of these documents allow partners to determine what they will keep in case of a divorce.
Couples without these agreements in place may find themselves arguing over wealth that was created by one spouse but is considered marital property because of the law. The timing of a divorce filing becomes extremely important in this case. This is because all assets are frozen when a divorce is filed.
Source: Fox Business, “Divorce Attorneys Share their Tips to Avoid Financial Mistakes When Splitting Up,” Kate Rogers, Feb. 19, 2013