It is normal to have financial concerns during divorce. When two people extricate their personal lives and finances, it can be a complex and emotional process that will have a direct impact on financial futures. Many Ohio couples facing this complicated legal process wonder if it is possible to maintain financial stability after a divorce and how to make decisions that will allow for a secure future.
Even spouses who are amicable and dedicated to working through divorce issues out of court will find that finances often present complex and unique challenges. Becoming caught up in securing an emotional victory or losing sight of long-term solutions are common temptations facing those going through a divorce, but it is important to remember that a divorce will impact finances for years, or even decades, after a final resolution is signed. Individuals may find that when they allow emotions to affect decision-making, it can be detrimental to their financial future.
Many couples do not consider how debt will carry over after divorce. Owed balances do not disappear just because a marriage ends, and it is extremely important to address debt issues in a practical manner. When negotiating a financial settlement, evenly splitting debt accrued during the marriage will prevent one spouse from being left with a disproportionate amount of debt.
Divorce will certainly bring financial changes, but it is possible to pursue a resolution that protects a person’s long-term interests. By changing a lifestyle, adjusting quickly and budgeting for life after marriage, a person can avoid or diminish financial duress. Ending a marriage is hard for many reasons, but it does not have to mean certain financial doom for Ohio couples.
Source: bankrate.com, “10 ways to avoid divorce disaster“, Steve Santiago, Accessed on April 20, 2015
