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Sound financial steps to consider during your Ohio divorce

On Behalf of | Feb 16, 2023 | Divorce

You can expect many things in your life to change during and after your divorce. You might feel lonely and sad for a while or struggle with living without another adult around.

One change that some people fail to consider involves their overall financial situation. You may expect not to experience significant hardships as a single person, but it is still wise to secure your post-divorce finances. Here are a few steps to take toward that goal.

Monitor your expenses

Married couples typically share daily living expenses, such as purchasing food and putting fuel in the vehicles. Single people must manage these expenses on only one income (not counting child support and possible alimony). Start monitoring your necessary expenses now to plan for them when you become single.

Avoid large purchases

Generally, a conservative approach to spending during a divorce is always wise. Since you cannot know the details of your marital property settlement until it’s final, you could risk your post-divorce economic security by overspending. Saving rather than spending can help ensure that you meet the financial challenges that may arise after your divorce.

Open an individual bank account

Since you will need a new bank account after your divorce anyway, consider opening one now, especially if you fear your spouse will drain your joint accounts. You can use it to start a nest egg for your single life, and you will have a secure place to deposit your paychecks and other income. However, you should avoid taking money from joint accounts to fund your separate account because it could lead to legal consequences.

Familiarization with divorce and property division laws in Ohio is another effective way to plan for your post-divorce financial needs.