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Protecting financial interests during divorce

On Behalf of | Feb 19, 2015 | Divorce

Ohio readers know that divorce is a financially challenging process, but it is possible to protect personal interests and establish a solid financial foundation moving forward. One of the best and most practical ways to do this is to plan ahead financially for divorce, even before paperwork has been filed. Working closely with both financial and legal professionals is a practical way to understand options and take any necessary precautionary steps. 

Divorce is always a challenging process, and it is especially difficult when the two spouses are in contention over marital property and assets. Even the most amicable of couples will likely find themselves facing disagreements over finances, so it is beneficial to prepare for impending battles. The decisions made during a divorce will have an impact for years to come, so it can be useful to outline clear goals before initiating the legal process. 

First of all, Ohio individuals may gain by carefully considering what they need to be financially stable after divorce. Is this a reasonable goal, considering the relationship with the spouse, marital assets and income? Planning for the future should focus on what is needed post-divorce instead of what could be lost to the other party. Preparing financial documents, establishing a budget and separating financial accounts are steps that must be taken eventually, so it can be an advantage to do these in an expedient manner, even if papers have not been filed.

One of the most important things that a person can do is to secure the services of an experienced legal team. A legal ally will explain available options, fight for the ideal financial outcome and navigate the complex and potentially lengthy divorce process. With the proper planning and assistance, divorce does not have to lead to financial ruin but can produce a stable and secure future. 

Source: spotlightnews.com, “Tips for surviving a divorce financially intact”, Fran O’Rourke, Feb. 18, 2015

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