Gregg R. Lewis

Trusted Family Law

Services In Columbus

Gregg R. Lewis
Trusted Family Law Services In Columbus

What women should know about money and divorce

| Jul 10, 2020 | Divorce |

Changing societal expectations in Ohio and elsewhere means that many women are now the primary earners in their families. But despite earning significant incomes, women still tend to participate in the family finances less frequently than their husbands. This means that a woman who is going through a high asset divorce based on her own income might still be uncertain of her financial future.

A good place to start is with familiarizing one’s self with the family finances. This may involve carefully looking over important documents, such as tax returns and retirement account statements. These and other paperwork can help paint a complete picture of someone’s assets. With this information, a woman can then differentiate between marital assets that must be divided, and personal assets that do not.

In addition to what one owns, it is also important for a woman to understand what debts she owes. Many married couples have outstanding loans, student loans and credit card debts for which both spouses are responsible. However, some debts may be personal, meaning that only one spouse is responsible for repayment. A woman should determine which debts are her husband’s personal property to avoid making payments for which she is not responsible.

Financial security is about more than just maintaining a regular income. One’s assets, debts and lifestyle expenses also influence whether a woman feels optimistic about her financial future. To better understand how these different factors play out during divorce, it may be helpful to learn as much about the process as possible. Seeking guidance can be helpful for those who are confused about Ohio family law.