In 2019, Ohio had a divorce rate of 2.6 per 1,000 people, according to the Centers for Disease Control and Prevention.
During an Ohio divorce, an important document that significantly influences the financial side of things is the affidavit of income and expenses. It provides a detailed overview of each party’s financial situation and plays a key role in deciding various aspects of the divorce settlement.
Provide financial details
The affidavit of income and expenses requires both spouses to share detailed information about their income, including wages, bonuses, dividends and any other money sources. This transparency ensures that the court fully understands each party’s financial situation.
Facilitate decisions
By showing a clear picture of how much money each person has and needs, the court can figure out if one spouse requires financial help from the other. They look at things like the length of the marriage, lifestyle and earning potential.
Additionally, by detailing each parent’s financial resources, the court can figure out a fair amount of child support. This includes covering costs like education, healthcare and everyday living expenses.
The document also plays a role in the fair distribution of marital assets. It enables the court can make informed decisions about dividing property to ensure that both parties get a fair share of the marital estate based on their financial situations.
The affidavit of income and expenses encourages openness about finances. It makes the divorce process more efficient and fair, allowing the court to understand the financial needs and abilities of each spouse.