The idea of being left with nothing is a scary thought for most Ohio residents. After all, people work hard for their money and the assets they buy with that money, so thinking that it could all be gone in a matter of months may be anxiety inducing. Unfortunately, this frightening thought may be one that plagues may individuals who are going through divorce and have financial worries.
It is true that some divorcing couples may have such a contentious relationship that one party vows to take the other for all he or she is worth. This can often lead to drawn–out court litigation over property division. If individuals anticipate a difficult case, they may want to ensure that they know the ins and outs of their personal and household finances before going to court.
Though understanding their financial matters in general is essential, parties may also want to ensure that they have the paperwork in order, which could include:
- Property deeds and titles
- Social Security card and birth certificate
- Bank statements and account information
- Current and previous tax returns
- Income-related documents, like W2 forms, retirement fund details and others
Every person’s and family’s financial situations are different, and some Ohio residents may need more financial paperwork than those listed here. It is also important to keep in mind that hiding assets may be a step some parties attempt to take, so knowing what assets are marital and where they are located could be vital. If individuals hope to prepare for a contentious divorce case as well as possible, they may want to ensure they have legal advocates on their sides.