Triplett McFall Wolfe Law, LLC

What does divorce mean for your financial future?

Divorce has a visible way of taking everything you thought you understood and flipping it onto its head. As you are working through the legal process of separating from your spouse in Ohio, one of the lessons you may be starting to learn is just how much of an impact your marriage has taken on your financial situation. Now, as you are adjusting to being single again and being financially independent, you may need to reassess how you utilize the money you have. 

One of the biggest mistakes you could make is to turn into an emotional spender. Using your challenging situation as a chance to identify areas, where you could cut your costs, can help you to begin taking control of your future. If you do have children to care for in your home, try to work your budget around child support payments. Do not rely on these payouts as a consistent form of income. This way, you can be prepared in the event your ex is delinquent on payments and you are left to cover childcare costs on your own. 

According to institutedfa.com, be aware of the assets you do have and still have access to. Familiarize yourself with your limitations in handling certain assets so you are not penalized because you are moving things around before your divorce has been finalized. Consider creating scenarios based off of whether or not you keep your home, whether or not you are able to liquidate any of your assets and how often you are able to work. Weigh your options and try to narrow down a plan that will support your vision for the future. 

The information in this article is intended for educational purposes only and should not be taken as legal advice.  

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