Financial errors to avoid when a divorce is looming

| Jul 28, 2020 | Divorce |

People in Ohio who are going through a divorce should be sure that they protect themselves financially. In some cases, one spouse may try to take advantage of the other. As a result, some experts advise that when people sense their marriage is in trouble, they should be particularly careful and not sign documents without consulting an attorney.

This was the case for one man, who said that he was already in debt because of his wife’s financial irresponsibility. When they were headed for divorce, she wanted to purchase a condo and said that if he signed the papers she gave him, he would not own any part of it or have any other obligation. When the man had an attorney review the papers, the lawyer found that the man was signing as a co-borrower and that creditors would be able to pursue him for the loan even though he would not own it.

Another common error is leaving the house without taking key possessions. People often then find that they are never able to retrieve them. If they cannot take important things with them, they should try to video or photograph them. Individuals should also try to get copies of important documents, such as mortgage information, material about retirement plans, bank statements, vehicle paperwork and credit card statements.

It is not uncommon for people’s standards of living to fall when they get a divorce whether they come to an agreement regarding property division through negotiation or litigation. If one spouse earned a significantly higher income than his or her partner, that person may also be required to pay alimony. People may want to discuss strategies and the areas in which they are willing to compromise with their attorneys before going to court or into negotiations, so they can best prepare for the process.