Financial situation has impact on divorce

| Aug 6, 2019 | divorce and dissolution |

Deciding to get divorced in Ohio can understandably be emotionally challenging. Still, the process can also be financially life-altering, particularly when minor children are at the center of the divorce. Here are a few important things to consider to protect one’s financial best interests before going through divorce.

Before filing for divorce, individuals would be wise to look at their incomes versus their spouses’ incomes, their current expenses and their future expenses. Incomes include not only wages but also financial bonuses received from employers. Money from trusts funds, or family money, also counts as income.

Having a good idea of what each spouse earns is essential when getting divorced because this information affects matters like asset distribution and child support. In the same way, having a strong grasp on what one’s expenses are is critical because expenses will influence how much child support a spouse will either receive or be ordered to pay. Expenses may range from school expenses for the children to the expense of maintaining a house.

Going through a marital breakup can certainly be an overwhelming process from a financial standpoint. This is particularly true if two divorcing spouses cannot find common ground when addressing issues such as property distribution. However, an attorney in Ohio can help a person who is going through divorce to pursue a comprehensive and just settlement with the other party at the negotiation table or through mediation. Alternatively, the attorney can help the client to pursue the most personally beneficial outcome at trial, if necessary.

Rising Stars | Susan M. Suriano
Rising Stars | Susan M. Suriano
Ohio Women's Bar Association
Women Lawyers of Franklin County
Young Leaders of Licking County