An inevitable product of divorce is the uncertainty of life after the irretrievable breakdown of your marriage. If you come from a two-income household, things may change considerably. Marital houses can be hard to maintain when only one person covers the daily expenses. If your spouse is the primary breadwinner, a divorce can induce anxiety and fear of financial hardships. Here are some proactive steps you can take to preserve your accustomed lifestyle.
Gather your financial records
The division of marital assets in Ohio is equitable. Therefore, each spouse’s financial circumstance is relevant and plays a vital role in deciding who needs or deserves what assets. You and your spouse will need to fully disclose all the assets you acquired within the duration of your marriage before the distribution can occur. In this case, knowledge is power, and you must know the current state of your finances and your spouse’s finances. You can use the financial information to determine the extent of your marital assets and safeguard a fair and just division.
Create a divorce budget
A divorce can be costly, especially when you do not have a feasible and sustainable budget mapped out. You can use your financial records to create a transition budget that allows you to navigate the separation without overspending on unnecessary expenses.
Consider spousal support
Ohio family courts will typically award spousal support after considering certain factors, including the standard of living of the parties established during the marriage. The court may award spousal support to help one spouse get back on their feet or temporarily allow them to maintain a reasonable standard of living until they can become self-sufficient to do it themselves.
Although, the two primary considerations are still the income discrepancy of both spouses and the length of your marriage. If a spouse earns much more than the other spouse and you were married for at least 30 years, the court may push for income equalization. The primary breadwinner might need to cover half of the income difference.
Plan for your life after divorce
Before you finalize your divorce, you can see how preserving ownership of specific marital assets can help your financial circumstance after a divorce. But you should also know the tax repercussions of retirement fund transfers and property sales. You can talk to professionals who can teach you to utilize the marital division process to your advantage so you can plan a financially secure life post-divorce.
