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Getting ready for divorce: Handling finances

On Behalf of | Sep 19, 2018 | Divorce

In 2015, statistics showed that 3.4 percent of married Americans went through a divorce. Many of them went through the divorces without considering how their situation would impact their finances.

Even in cases where divorce is amicable, finances can play a role in causing trouble. Here’s what you can do to help prevent financial trouble.

What can you do to make sure that you have a fair divorce in terms of finances?

To start with, you need to learn about your state laws. Every state has a different approach to property and liability. In Ohio, debt can be divided in many ways depending on the judge and the findings in the case. Marital property is divided equitably. These are just the very basics of property division in the state.

Another thing you need to do is to take an inventory of your possessions. You need to know how much your home is worth, if you have property that is valuable and shared between you and about any other assets that may have an impact on negotiations during your divorce.

Before you separate your assets, be prepared with new accounts. If you receive $10,000, you will want to make sure to have your own bank account to deposit it in. Keep in mind that you need to have your own accounts in your own name.

Finally, help yourself financially by creating a post-divorce budget. This budget should have all of your current expenses along with any new expenses that will develop as a result of the divorce. This will help you prepare for living on your own and having your sole income cover your future expenses.