One of the unfortunate realities of a contentious divorce is the propensity of couples to agree to terms that are not beneficial, simply to retaliate or hasten the finalization of the process. While it is tempting to allow emotions to dictate decision-making, it is more important to make smart decisions in order to build a strong financial future. With help and guidance, Ohio couples can avoid serious financial mistakes during a divorce.
An individual should not fight for an asset that he or she cannot afford to maintain with just one income. Emotional attachment should be considered, but getting the family home or vacation property in the divorce settlement can be financially devastating down the road. Every major asset will be accompanied by tax implications, all of which should be carefully weighed during negotiations.
For some Ohio couples, it may seem impossible to speak amicably about financial issues, yet alone successfully mediate the division of property and assets. Before heading to litigation, couples may explore various options for resolving disputes, even if they are not on good terms. By allowing emotions to be set aside, couples, along with their attorneys, can work on a beneficial settlement agreement.
Mistakes made during the divorce process can lead to financial headaches and legal battles long after the final decree. When navigating the divorce process, a strong financial future should be the goal, along with short-term needs. A knowledgeable attorney can help an individual navigate the legal system and make decisions that protect his or her family for years to come.
Source: USA Today, “5 biggest divorce mistakes financially“, Wendy Spencer, March 7, 2015