Ohio readers who are going through a high asset divorce may be interested to learn what some authorities are saying about the importance of financial planning prior to the filing of a dissolution. This divorce planning can offer benefits to spouses in a marriage that is ending, both during and after the divorce process. These benefits include developing an understanding of the financial life of the couple and reducing the likelihood of financial mistakes during the dissolution process.
One element of the financial planning process may be developing a spending budget for the separating spouses. Using a budget can help to reduce unplanned spending that might lead to unexpected financial hardships. This may be especially important for some couples with high assets and large incomes who are not used to having to plan for spending.
Authorities also recommend that a review of all accounts owned by the separating couple should be conducted. It may offer an understanding as to what assets exist at the time of divorce. This knowledge can assist in creating the recommended budget and in determining appropriate property distributions during the final negotiations.
Ending a marriage through divorce in Ohio is difficult for many couples, but it doesn’t have to be acrimonious. Without a clear plan for the end of the marriage and their lives beyond the dissolution, some may encounter financial difficulties. However, with a full understanding of all assets and liabilities, the high asset couple who is going through a divorce can expect to have an easier transition from married to single life than others may experience.
Source: durangoherald.com, “Before divorce, prepare yourself financially,” Hadley Malcolm, Sept. 16, 2012