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How Should I Prepare Financially for Divorce?

When you are planning to file for divorce in the Columbus area, it is important to be prepared for the financial aspects of your divorce case. Under Ohio law, there are many different financial issues that arise in divorces in Columbus, including the classification and division of marital property, determinations about spousal support or maintenance, and child support. When married couples are getting divorced and have minor children from their marriage, the court will decide issues pertaining to family support, including each parent’s financial obligation under the income shares model.

Given the various ways in which financial elements affect divorces, you should take steps now to be prepared financially for your divorce. The following are tips to consider that can help you to plan ahead. 

Gather Financial Documents as Soon as Possible

You should begin any financial planning by gathering financial documents and related materials as soon as you can and making copies. You should have copies of tax returns, bank statements, investments, and receipts or appraisals for the property. Having this information can help with the classification of property in your divorce and will provide necessary information about the assets and debts of the marriage.

Make a Budget

You should also make a budget to ensure that you will have the ability to pay your bills while getting back on your feet emotionally after your divorce. When you make a budget, you should account for all “needs” such as a monthly mortgage or rent payment and any other bills you have, and you should also take into account some amount of spending on “wants.” It can be difficult to go from a household with two combined incomes to a single income, so it is essential to plan ahead with a workable budget. 

Consider a Forensic Accountant if You Have Concerns About Hidden Assets

If you have any concerns about your spouse attempting to hide or conceal assets, you should work with your Columbus divorce lawyer to identify a forensic accountant who can help to track down property that should be divided in your divorce case.

Understand How Spousal Support is Awarded

When you are planning for the financial aspects of divorce, you should learn about spousal support and how it is awarded—whether you are planning to seek spousal support or you anticipate paying it to your ex. Ohio courts first consider whether spousal support is appropriate given the facts of the situation when one spouse seeks to support, and then it determines the amount and duration of the award.

Learn More About Child Support Calculations Under the Income Shares Model

You should also be planning for child support obligations if you have minor children from your marriage. Ohio uses an “income shares” model for child support, which means both parents are responsible for a percentage of the total child support obligation based on their individual net incomes and other relevant factors.

Contact Our Columbus Divorce Attorneys for Assistance

If you have questions about any of the financial aspects of a divorce case, or if you need assistance with your divorce, one of our Columbus divorce lawyers can help. Contact Lawrence Law Office to learn more about how we can assist you.

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