In addition to being a potentially stressful and emotional process, going through the end of a marriage can also come with a variety of financial challenges. Divorce continues to be one of the leading causes of monetary strain for individuals in Ohio. Those who feel that taking steps to safeguard their financial futures following a similar change in life could benefit from understanding the ways in which such a scenario could lead to prolonged battles with debt.
According to studies, one of the most pressing concerns a person may face after a divorce pertains to a desire to buy new things to celebrate the change. However, while some impulse buys might not break a person’s budget, purchasing a new car or home on a whim might not always be a sound decision. The subsequent financial obligations that accompany larger purchases could prove taxing, especially during a time in which one is shifting into the monetary responsibilities of transitioning into life alone.
Studies also indicate that those who face overwhelming financial hardships at the end of a marriage may also be more likely to dip into retirement savings for relief. While the aid provided through such methods may be immediate, the consequences such a move might have on one’s future could prove detrimental. Failing to understand the potential tax consequences and the cost of pursuing certain assets at all costs are two more examples of scenarios in which monetary strain could arise.
Regardless of how it happens, individuals who begin to struggle under the weight of debt may find themselves in search of ways to regain control over their financial futures. When facing similar hardships, a person in Ohio could choose to seek advice on all the available options for debt relief by consulting with a bankruptcy attorney. An attorney can examine the situation a client is facing and assist in forming a plan to pursue debt relief and work back toward building a brighter financial future.