When divorcing, concern over your current and post-divorce finances can take center stage, often taking your attention away from other vital matters. The prospect of supporting yourself and contributing to the care of your kids can be downright scary.
Knowing what you can do to secure your economic stability is wise. At the same time, it is just as smart to avoid financial mistakes like those discussed below that could seriously impact your life after divorce.
Not understanding your finances
Ensure that you understand your economic circumstances (assets, debts, etc.), preferably before your divorce begins or shortly after. Knowledge of your marital assets is critical to ensure a fair property settlement under Ohio equitable distribution laws.
Rushing ahead with your divorce
You probably want to complete your divorce as soon as possible but not at the risk of losing out on your fair share of marital property. Moving too quickly could mean you have not accounted for everything. For example, many spouses overlook retirement accounts when getting a divorce.
Hastily ruling out financial fraud
It may upset you but do not dismiss the possibility that your spouse is not being completely transparent about their financial activities. Unfortunately, hiding assets during divorce remains a problem for many. Two signs of fraud include unusual bank account withdrawals and secretiveness.
Not recognizing the need for assistance
When dividing your marital assets, especially if they are valuable or complex. Legal guidance may help you navigate these financial issues better and help ensure that your economic future is stable, secure and free of hardships.