Spouses need preparation before starting the divorce process
Divorce can be a complex and emotional experience for any couple. For Ohio spouses who are facing the end of a marriage, some preparation up front can save a lot of trouble during the entire process.
It is recommended that spouses who are preparing to ask for a divorce do some homework prior to breaking the news. The point of it is to gather and organize the couple’s finances and assemble a team that can help through the divorce. This team should consist of a family law attorney, a therapist and a financial planner. With this team gathered, the spouse should locate and secure copies of financial statements and other documents showing the couple’s assets.
In addition, it is recommended that separate bank accounts should be set up and new credit cards applied for in order to begin to insulate finances. The spouse should investigate the effects of the divorce on their tax situation, from a change in filing status to the income tax consequences of making or receiving alimony payments. Most important is a change in the spouse’s mindset. Rather than acting emotionally and thinking about the situation subjectively, a more objective and financial perspective should be taken. This will allow the spouse to keep their focus on their financial well-being after the divorce, which could be glossed over if stress and emotions take over.
The spouse’s attorney and other professionals may be able to help achieve this mindset. The attorney may also be able to walk the spouse through the entire divorce process and prepare them for what to expect. From property division to child support and custody issues, the attorney’s advice may be very helpful in achieving a fair divorce settlement.
Source: Forbes, “Six Steps To Financial Spring Cleaning For Divorce“, Jeff Landers, April 01, 2014