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The financial challenges a divorce may create

| Dec 2, 2019 | Divorce |

Ohio residents who go through a divorce may face a variety of financial challenges. While men and women might encounter different types of financial challenges, there are things that anyone can do to prepare for them. For instance, it is a good idea to create an emergency fund as well as a fund that can be used to pay for the divorce. It may also be a good idea to meet with an accountant at some point during the divorce process.

It can be a good idea to take stock of all assets that need to be divided in a settlement. These assets could include stock options, memberships to a club or season tickets to a local sports team. They also include money in a bank, brokerage or other type of financial account. Ideally, a person will obtain access to bank statements, credit card statements and other financial documents prior to initiating divorce proceedings.

After a divorce, a person may be responsible for paying rent, health care costs and other expenses on his or her own. Therefore, it is important to create a budget in an effort to prepare for a new financial reality. Individuals should also account for any taxable events that may occur before, during or after a divorce.

Alimony, child support and other financial issues may play a role in how a divorce settlement is structured. In some cases, a settlement can be reached with the help of a mediator as opposed to in court. Those who have prenuptial agreements will have negotiated the terms of their divorce before they got married. This can be beneficial because it may be easier to negotiate a reasonable divorce settlement when the parties to the deal on are good terms with each other.