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Taking charge: Smart financial moves to make during divorce

On Behalf of | Mar 11, 2024 | Divorce

Divorce is a life-altering event. While the emotional rollercoaster is undeniable, its impact on your financial well-being can be just as significant and often goes overlooked.  

Suddenly, the way you typically manage money, pay bills and plan for the future needs a complete overhaul. Don’t let uncertainty cloud your judgment about current and future economic matters. With a few proactive steps, you can navigate the financial aspects of your Ohio divorce with greater confidence and clarity.

Track your spending

As a couple, you likely shared everyday expenses, but now you must meet your costs on a single income (excluding potential child support or alimony). Start tracking your essential expenses now – groceries, utilities, transportation – to understand your post-divorce financial reality.

Delay big purchases

You won’t know your final property division until the end of your divorce. Major purchases during this time can jeopardize your post-divorce stability. Focus on saving instead to create a buffer for unexpected expenses that could arise during or after the divorce.

Open a bank account

The sooner you begin separating your financial entanglements, the better. Begin depositing your income into your own bank account as soon as your divorce begins. Remember, however, to avoid transferring funds from joint accounts without legal consultation.

Learn the law

Understanding property division laws equips you to make informed decisions during divorce. Discover how family courts in Ohio divide marital assets and debts. Such knowledge helps you advocate effectively for your financial rights.

Legal guidance can provide critical protection in divorce matters that impact your finances. They can help you understand what you deserve and present a strong case on your behalf.