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Common divorce mistakes you can avoid

| Sep 8, 2020 | Divorce |

The divorce process can be difficult, but there are mistakes that people in Ohio can take steps to avoid. This can help make the process less damaging emotionally and financially.

Avoid emotional mistakes

It is not uncommon to be angry at your spouse during the divorce process. However, when dealing with the divorce itself, it is best to set those emotions aside. If you are able to communicate effectively with your spouse about issues such as property division and child custody, you may be able to negotiate a divorce settlement instead of going through the more expensive and stressful process of litigation. A willingness to compromise may save you money in the long run even if means letting go of an asset you hoped to keep. You might want to consider working with a mediator to help you and your spouse resolve conflicts to the satisfaction of both of you.

Avoid financial mistakes

One of the main reasons to avoid emotional mistakes is that they can lead to financial mistakes. Going into the divorce, you should be realistic about what your financial life will be like after divorce. It is cheaper to support a single household than two, so your budget may change significantly. You should also understand that in Ohio, which is not a community property state, division of property is supposed to be equitable. This means that your shared assets will not necessarily be distributed evenly in half.

You should also be aware of the tax implications for dividing some property. Finally, watch out for a divorce settlement that puts the responsibility of paying off a shared debt on one spouse. If the spouse fails to pay, you may still be responsible. It is best to remove yourself from all joint accounts if possible.

Paying attention to these details can be important in ensuring your long-term financial stability after the divorce. An attorney may be able to guide you through these scenarios and help with negotiation or prepare you for litigation if negotiation is not possible.