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Achieving financial stability after divorce

In addition to the emotional and physical state, a person should also give a great deal of thought and attention to their financial health after divorce.
 
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    January 11, 2014 /24-7PressRelease/ -- When two people get married in Cleveland, they transform from two individual lives into a single life with goals, dreams and property. However, over time, a single life can end up breaking apart and this means that a spouse must now go through the process of transforming back to an individual life.

Going through a divorce is a stressful experience and, according to The Huffington Post, can cause a number of health issues such as anxiety, identity crisis, a weakened immune system, weight gain and digestive problems. Therefore, it is important for a person to take proper care of their emotional and physical health with the right sleep, stress reducing activities, and sticking with a balanced diet.

Financial health

In addition to the emotional and physical state, a person should also give a great deal of thought and attention to their financial health. This is especially true for spouses who have been dependent on the other spouses' incomes and parents who will be taking care of their children.

Ohio is an equitable division state and this means that money, real estate and other marital property is divided between spouses in a way that is fair to each of them. For instance, according to Forbes, a dependent spouse can use the following factors in making their claim on marital property:
- The length of the marriage.
- The spouse's lack of education or career.
- The spouse's contributions to the success of the other spouse - taking care of the household and children.
- Standard of living that the spouse enjoyed while married.
- A spouse's health and age.

When it comes to equitable distribution, one spouse could receive more or less than half of the marital property, based on the factors above. This can help them secure a financial future for themselves and their children.

Sources of financial support

One of the largest sources of financial support can come from the division of marital property. Spouses should understand the difference between separate property and marital property. Generally, separate property is anything that is attained before the marriage but there are exceptions to the rule. One example of this is the family home. If one spouse purchased the home before the wedding but then added the other spouse to the deed as a co-owner, the home becomes marital property.

Another form of marital property is life insurance and retirement plans. If a spouse is receiving alimony or child support, then the spouse may want to negotiate for a life insurance policy as part of the divorce settlement, according to Reuters. The insurance coverage would continue to provide financial support if the supporting spouse dies.

Retirement plans, regardless of whose name is on them, are also considered marital property and can help an ex-spouse prepare for their own individual retirement. However, Fox Business recommends that ex-spouses should make sure that retirement transfers are handled correctly to avoid being hit with taxes.

Dealing with financial matters in a divorce can be extremely complicated. It is therefore, a wise idea for people to meet with an experienced attorney for legal guidance.

Visit us at clevelanddivorcelawyer.org/



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