Many people in Ohio who get divorced are unprepared for the financial impacts. Recovering from the financial devastation that a divorce can bring might be a years-long process. There are steps that people can take to protect themselves against a potential divorce in the future.
When people want to get married, they should recognize that they are entering into a contract with each other. While most people dislike thinking about marriage as if it is a business relationship, there are several similar aspects. Spouses must work together to handle their finances and to build their futures. Before getting married, it is a good idea for couples to make certain that they have a thorough understanding of each other’s finances. They might want to draft prenuptial agreements to define what will be considered the separate property of each partner if a divorce occurs.
Both spouses need to make certain that they are involved in the financial decision-making process. People need to understand their incomes, liabilities, savings and taxes. They should communicate with each other openly about finances and agree about any major purchases that they wish to make.
Active involvement in finances can help prevent many common problems in marriages. If someone has remained involved in the finances during the marriage, he or she may be better equipped to handle the financial challenges that come with a divorce. People who are considering filing for divorce may benefit from talking to a financial advisor and a family law attorney before they file so that they can get a better idea of how the divorce might impact their finances. Consulting with an attorney may also help people to understand the types of documents that they should gather before filing to make the divorce process more manageable. An attorney might also help his or her clients to understand the tax consequences of different types of property divisions.