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Mistakes people make when dividing assets

On Behalf of | Mar 25, 2021 | Divorce

Dividing your assets during a divorce in Ohio is one of the most complicated parts of separating. Many couples disagree on what they’ll divide between them. When you’re dividing assets such as money, property and furniture, it’s important to avoid some problems that couples often encounter.

Avoiding common mistakes

Avoid making decisions based on your emotions, which includes having a deep connection to your home or certain items. It’s also important to avoid thinking that all your assets have equal value; some items have different tax implications, which affects their value.

Staying financially connected with your spouse is another mistake to avoid. You don’t want to be liable for payments on a house that you both still own if your spouse stops making the mortgage payments. In addition, avoid hiding any of your money or assets, which can lead to hefty fines and might cause more of the assets to be awarded to your spouse.

Don’t forget about retirement assets

Retirement assets must also be addressed during a divorce because they’re considered marital property. The judge may require any contributions made during the mortgage to be divided. You may also attempt to work with your spouse to each keep your own retirement account and go your separate ways. All funds deposited to the retirement accounts before the marriage are not considered to be shared by both spouses.

Who can you contact for legal assistance?

If you need assistance filing for divorce, contact an attorney to help you get started. A legal professional may explain each step of the process and help you work with your spouse when dividing your assets. Your attorney may assist with matters related to spousal support, child custody, modifications of child custody and hidden assets.