Many marriages in Ohio end because of money troubles, and these financial burdens often carry on through divorces. One of the many reasons for this is that couples do not discuss their financial objectives before getting married. Preventing financial catastrophe when going through a divorce requires careful planning and discussion. Obtaining financial counsel from an expert or nonpartial third party can often produce better results.
Prenuptial agreements are a useful tool for protecting finances in the case of a divorce, yet a very small minority of American couples decide to use this resource. In addition to protecting each person’s assets, these agreements can give each spouse the opportunity to hash out all financial disagreements before forming a legally binding partnership. By bringing all financial issues to the surface before tying the knot, problem areas can be resolved.
Whether or not a couple signs a prenuptial agreement, being as transparent as possible about money is crucial. Every financial topic should be covered, including debt, credit rating, child care expenses, income and inheritances. Some couples will decide to combine all their finances, including joint bank accounts, while others will manage their money separately. As long as the arrangement is clearly understood by both parties, there is less likely to be a problem if there’s a divorce.
Individuals going through a divorce have the right to protect their assets with help from an attorney. In contentious divorces, financial disagreements may need to be resolved in court. It’s the lawyer’s responsibility to protect their client’s interests in the courtroom or during other types of negotiations. Even if both divorcing parties agree on most financial issues, it’s still important to have representation.