Divorce is emotionally and financially difficult. Whether you have recently filed for divorce or are considering taking this route, the decisions you make (and the missteps you avoid) can impact the outcome of your divorce.
As soon as it becomes apparent that divorce is inevitable, it is important that you take steps to safeguard your financial interests. Here are two financial tips that you need to take into account before, during and after your divorce.
Audit your financial records
As soon as either you begin your divorce process, it is crucial that you start rowing your financial ducks. If you had joint credit or debit cards, you need to close them. The last thing you want is your soon-to-be ex piling up debt in your name. Alongside closing joint credit card accounts, it is equally important that you gather the following documents:
- All joint and personal bank statements
- Social Security statements
- Your tax returns
- Your investment and retirement account statements
Basically, you will be required to file these documents with the court during the property division. Thus, the sooner you gather them, the better.
Identify marital assets
A major of preparing for a divorce and, thus, safeguarding your financial interests is identifying what you own (and owe) for purposes of property division per Ohio property division laws. It is extremely important that you are accurate while doing this as any omission or misinterpretation can hurt your property division case. Taking stock of marital assets can also help you notice if your spouse is attempting to hide marital property.
Safeguarding your interests
Divorce can leave your finances severely bartered. Learning more about Ohio divorce laws can help you protect your financial rights and interests during and after divorce.