If you’re getting divorced in Ohio, you may be frustrated or angry. While dealing with your emotions is essential, staying organized and having your affairs in order is also critical so that you can protect your assets and make it easier to go through this process.
Identify your assets
Knowing your financial position and current assets is imperative when getting divorced. Make a list of the following assets in your name and another list belonging to both you and your spouse:
- Investment accounts
- Bank accounts
- Mortgages
- Other assets
After making these lists, indicate the current value of each asset. Doing so helps clarify the financial interest you have in each asset. It is also wise to ensure you have some cash on hand. Set up an account solely in your name to prepare for the future if you don’t have one.
Obtain hard copies of your financial statements
Obtaining hard copies of all your financial statements is another step that you should take when getting divorced. Don’t rely on electronic copies as you might not have access to a joint account if your soon-to-be ex decides to change the password. Printing out each financial document that you received over the past few years is vital. Brokerage firm statements, tax forms and bank account statements should all be printed out and kept organized in a binder for easy access.
Know what you need
Examining all of your expenses is important during the divorce process as you’ll know how much you need long-term. Doing so prepares you for negotiations and reaching an agreement on a settlement. Taking a proactive approach helps ensure you have what you need in the future to live comfortably.
Taking action to identify your assets, make hard copies of your financial statements and know what you need will help ensure you’re prepared for the divorce process and its aftermath.