Don’t get caught by surprise financially in a divorce

| Apr 2, 2020 | Divorce |

Ohio women are often caught off guard by financial surprises after they get divorced. Sometimes, they end up facing major debts because they failed to anticipate certain facts before the separation and could not take care of them through the divorce agreement.

A common trap that women fall into is not learning ahead of time what debts they may face after the divorce is final. If there is debt in a joint account, they’ll be liable for it so long as their name is on the account. This will be true even if they personally didn’t incur the balance. The same goes if a wife co-signed on a loan. Sometimes, women do not learn about hidden debts until the collection demand comes. In other cases, women will overestimate the amount of child or spousal support they are due and may be forced back to work because they cannot make ends meet.

Another unfortunate financial surprise often comes from the cost of health care insurance. If a wife was on her husband’s insurance, she must leave the day the divorce is final. Insurance policies tend to be quite expensive, especially if the woman has a pre-existing condition.

The best way to deal with the aforementioned issues is to make sure that they are no surprises in the first place. A divorce attorney may help head off some financial problems by negotiating solutions in the divorce agreement. Legal counsel might also assist by anticipating issues and bringing them to the client’s attention so they can at least begin to prepare for life after the divorce is finalized.