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Preparing for property division can save money in Ohio

On Behalf of | Jun 6, 2013 | Property Division

Saving money is certainly an important factor for a lot of individuals in Ohio, whether they are struggling to make ends meet or simply prudent about their spending. When it comes to divorce, this goal does not disappear. Even though the marital property is subject to equitable division, there are some things that a couple can do to keep the costs down and ensure that their financial interests are protected.

In order to protect themselves financially, spouses considering divorce in Ohio should seek the assistance of a divorce attorney. To help along the way, a spouse should gather all financial documents that they can get their hands on as soon as possible. This not only makes the discovery process proceed a little more seamlessly, but it also helps prevent the other spouse from being able to hide assets.

What financial documents should a spouse obtain? Tax and salary documents are some of the most important. These include income tax returns, W-2s, 1099 forms, recent pay stubs and property tax appraisals.

Retirement, investments and other sources of income are another important category. These include but are certainly not limited to such forms as IRA statements, 401(k) statements, stock information, life insurance policies and checking and savings account statements.

Papers documenting value of other assets and even liabilities should also be included. Mortgage documents, credit card statements, art appraisals, family business information, car titles and any others that the spouse thinks could be relevant, they should include.

When it comes to document collections, there is no such thing as “too much.” An attorney will help sort through what is necessary and what is not, but it is a two-way street. The more the client collects, the more the attorney has available to help determine an equitable property settlement.

Source: US News, “How to Get Your Finances in Order Before a Divorce,” Daniel Bortz, May 17, 2013