The costs associated with ending a marriage are both financial and emotional. Though the emotional aspects can be hard to prepare for in many cases, the financial stress may be somewhat easier to avoid. This is because, according to one recent report that may be interesting to our Ohio readers, planning can help limit the costs and debts that are accumulated during the divorce process.
One important step for those of us in Ohio facing a divorce is to review the financial life of a family. This includes bank and investment statements as well as other assets like retirement plans. By creating a spreadsheet with this information available, an individual can not only assist their representative, but also ensure that all assets are considered in the negotiations with a soon-to-be former spouse. Some may even benefit from a forensic accounting review before entering into the sometimes-contentious negotiations for asset division.
Planning for a divorce can also include the consideration of how to approach the process. The options for this process are many, and include arbitration, mediation and a more traditional path that includes litigation. Each has benefits and negative aspects for couples in a divorce.
The need to end a marriage can be difficult for some in our state. However, the good news is that there are options available to individuals in a divorce that can help them to limit both the stress of the process and the cost. To ensure that the best outcome is achieved, a review of these options may help a person who must end their union, regardless of how long they have been married.
Source: Fox Business, “How to Make Your Divorce Cheaper,” Andrea Murad, May 16, 2013