The longer a marriage, the more likely the couple has accumulated a significant amount of joint assets. In such situations, divorce may bring a whole new set of financial troubles. That’s why some Ohio spouses may benefit from taking a moment to consider how untying the knot will affect them financially.
Keeping the house is a common request during divorce negotiations. However, doing so could result in a budget squeeze if a spouse is trying to fully maintain a house on half as much income. Efforts to keep up with house-related expenses may also lead to taking out loans or risking losing a home to bankruptcy. Selling a jointly owned home can be financially risky as well if a couple is forced to accept a low offer because of an urgency to move on. If a couple decides to wait until they get a better deal, holding onto the home may mean juggling expenses for two houses.
Divorcing couples also tend to have several expenses to deal with – oftentimes within a short period of time. In addition to legal fees, divorce-related expenses may include fees for hiring a real estate agent to find a new home, moving costs and expenses for seeking input from a financial planner or accountant to develop a new savings and investment strategy. Some former spouses also need to invest in post-divorce therapy to process the emotional impact of the end of a relationship.
If efforts to salvage a relationship fail, some couples may try to ease their financial burden by trying to handle all of the tasks associated with the end of a marriage themselves. However, if there are several assets to divide and disagreements that can’t be worked out amicably, an attorney can be a valuable source of information and support. A lawyer could also negotiate a fair settlement and work out arrangements for spousal support.