When you are going through a divorce, the threat of having to take on an unfair amount of debts gained in the marriage can be frightening. Now that you will be taking on this financial burden alone, you want to ensure you are not receiving a debt settlement that will set you up for failure post-divorce.
Each state is different when it comes to divorce settlement approaches, so being educated on how your state approaches the issue can make a world of difference. To help those entering a divorce settlement in Ohio, this article details the way your debts are likely to be divided, and how to ensure you receive a fair settlement.
Although some states, such as Alaska and California go by the “community property” law when settling debt distribution during a divorce, Ohio uses the “equitable distribution” method instead. By understanding the way the equitable distribution method works, you can help ensure that you are receiving the fair amount of debt during the divorce procedure.
Simply put, equitably implies that the debts will be split evenly, but not necessarily equally. By judging both you and your spouses now individualized financial situations, the debts can be split up in a way that keeps each spouse paying the amount they are responsible for, while staying within a reasonable rate for their means. In some cases, a judge may even place a court order determining that one party must take on a separate debt they did not originally take on to make a settlement fair to both parties.
A knowledgeable team made up of a talented divorce attorney and accountant can help you build a case for gaining fewer debts during your divorce. If you want to ensure your financial lively hood is not threatened by a bad judgment on the court’s behalf, you must invest in talented legal and financial help.
Thankfully, the Business Name is dedicated to helping clients in Grove City Ohio settle their divorce in a fair and balanced manner. If you want to approach your debt settlement in a way that will help your chances at receiving a comfortable court judgment, our team has the skills to optimize your presentation. Ready to start your path toward a more financially secure post-divorce life? Call us now to set up a free consultation!
