Divorce is a challenge in many ways. It can be a heartbreaking experience, a stressful experience, an anger-inducing experience and also a financially straining experience. It is important that you address all of the individual issues of a divorce calmly and logically. It makes sense to also separate each issue, so that they do not get tangled up with one another.
There are many aspects to divorce finances. The first issue that you will likely come to will relate to the division of assets, but then it will also move on to the future of your income and lifestyle, as well as the financial support of your children.
Dividing assets and debts
In Ohio, common law is followed when assets are divided. This means that if you were given inheritance or another type of gift during the marriage, this asset will be yours to keep after divorce. The rest of the assets should be divided equally between you. In an ideal situation, this will be done through communication and finding a settlement that you are both happy with.
In terms of any debts that you both share, these should generally be divided according to whose name the debt was in. No matter how much you trust your spouse, it is advisable to run a joint credit report so that you have all the information that you need. You should then jointly decide who should be held responsible for each debt.
If you are considering filing for divorce and are concerned about the financial implications, it is a good idea to make preparations ahead of time.
Source: The Balance, "A Guide to the Most Common Financial Issues of Divorce," accessed March 09, 2018