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Couples aim to be more financially stable after divorce

On Behalf of | May 17, 2018 | Divorce

Increasingly, couples are looking at ways to divorce that costs less and leaves them with greater financial stability. To achieve this, people in Ohio who are getting a divorce might want to consider hiring a financial planner and negotiating a divorce settlement instead of going to litigation.

The first step for a person heading for divorce may be to assemble a supportive team. This team could include family members, the financial planner and an attorney. The team can offer both financial and emotional support.

It is also important to avoid rushing into a settlement. While delaying a divorce is not desirable, moving too quickly can lead to negative emotional and financial consequences. People should take their time to make sure they understand the implications of the settlement and are ready to move ahead. This also means making sure that they do not focus only on the division of major assets such as homes and cars. It is also important to decide what to do about issues such as car and medical insurance, including medical insurance coverage for children.

There may be a number of complex elements in dividing property although this does not mean that property division cannot be negotiated. For example, people might own businesses, have real estate in other states and countries and have investments or collections that must be divided. In some cases, assets might need to be appraised before they can be split. Couples may work out an agreement in which one person keeps certain assets and the other person keeps others instead of splitting their assets. They may want to consider factors such as their earning power as they work out how to divide property equitably. For example, if one person has a significantly higher income, that person also may have more opportunity to recover financially from the divorce.


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