Divorce does not have to make couples in Ohio go broke. Organization, patience and planning are a few ways that couples can lower the cost of their split.
Some couples can intertwine their separate lives so deeply that it becomes difficult to determine where one ends and the other begins. During divorce, this enmeshed relationship can complicate matters, especially when it comes to finances. Divorcing spouses in Ohio deserve to know how to save as much money as possible during the proceedings to help them start the next chapter of their financial (and separate) lives on the right foot.
Get financial records in order
According to MarketWatch, one of the first, and most important, steps to take in divorce is to organize all bank accounts, tax returns, retirement accounts, pay stubs, bills, debts and the like. The less work that a legal professional has to do, the more money and time a divorcing spouse saves. Also, attorneys often prefer to receive such records electronically as opposed to hard copies.
Second-guess advice from well-meaning friends and family
NerdWallet notes that friends and family who have gone through divorce may offer financial advice. While divorcing couples do not have to dismiss such advice outright, it is a good idea to consider such suggestions as secondary sources of information rather than primary sources. State laws, whether a couple shares children and various other factors can shift a divorce’s trajectory, making well-intentioned advice meaningless.
Send emails rather than make phone calls
Divorce often conjures several questions in a person’s mind. Rather than reaching for the phone to call an attorney, it is better to email. On a related note, it is even more beneficial to write down questions as they come to mind and wait to discuss them with a legal professional during a scheduled time. That way, the attorney can answer every question at once, which can save a lot of time and money. Calling an attorney is not entirely out of the question, but making good use of time and being mindful of the cost of each interaction is key to saving money.
Get an idea of expenses
Something else married couples share is household expenses. During divorce, it is a good idea for parties to keep track of individual household expenses. Such information helps build a new budget from the ground up, one that relies on a single income rather than two. Making note of such expenses also helps with deciding on a proper spousal and/or child support amount. Even if a person does not need spousal or child support, making note of expenses aids when the time comes to divide up debts in a divorce.
Emotions can run high during the divorce process, making it hard to focus on finances and how to maximize every dollar spent on the split. Enlisting the experience and education of an Ohio divorce attorney can provide a great deal of mental and financial peace.