Going through the process of a dissolution of marriage in Ohio comes with the benefit of a more straightforward and faster process than a traditional divorce. However, you still need to gather documentation with your spouse before officially filing for a dissolution.
Several types of documentation are required for an Ohio dissolution, but one of the main priorities is financial records.
In this article, we will discuss what financial records you need for a dissolution in Ohio and why full disclosure is so crucial.
What is the Purpose of Sharing Financial Records During a Dissolution?
Exchanging financial records during a dissolution in Ohio isn’t just about staying organized and on the same page with your spouse. When you go through the process of a dissolution, you’re legally required to fully disclose all assets, debts, and income. This information is a critical part of drafting a valid separation agreement.
Having a clear understanding of things like assets, income, and debt can help you and your spouse come to an agreement on how to divide things. For example, this can help establish which spouse is the highest earner and has the most assets, which might mean that the other spouse may require some form of support. Or, it can help to establish which spouse is in the most amount of debt so that it isn’t unfairly divided and shared with the other spouse.
The Importance of Full Disclosure
No matter what documents you provide for an Ohio dissolution, you need to prioritize complete transparency and full disclosure. Ohio legally requires spouses to comply with this court rule, which prohibits spouses from attempting to hide things like sources of income, debts, or assets. So, failing to provide full disclosure could be seen as fraud.
Fully disclosing all the financial records when creating your Ohio separation agreement ensures the agreement is enforceable and legally valid. This also helps to prevent the risk of delays that could occur if the court found that one spouse wasn’t being completely transparent.
Not being completely upfront and honest also increases the risk of future disputes if the other spouse finds out about this. In fact, the court could even reopen or overturn a closed dissolution case if new evidence shows that one spouse wasn’t honest.
Financial Documents You Must Disclose
Now that you know why you’re required to disclose things like income and marital assets in an Ohio dissolution, what records do you need to provide exactly? Here is a breakdown of the main financial records you need to provide for your spouse so that the two of you can draft a valid separation agreement.
Income Records
You must provide information regarding all sources of income, whether the income is consistent or inconsistent. This includes income from all of your sources of employment, including freelance, commission, self-employed, or bonus income.
The specific records you should provide include things like:
- Pay stubs
- Tax returns
- Proof of bonuses, overtime, or commissions
Additionally, if you receive any financial resources for disability, unemployment, or Social Security, you need to provide this information.
Asset Records
Next to income, assets play an important role when couples create a fair separation agreement. So, you need to be completely upfront about the assets you own.
Here are some examples of the types of records you can use to accurately establish your assets:
- Real estate deeds or property tax assessments.
- Vehicle titles or registration.
- Statements for any money market accounts.
- Checking and savings account statements.
- Statements for any investment or retirement funds.
Debt Records
Spouses will need to separate debt during an Ohio dissolution so that one spouse isn’t unfairly left with all of the shared debt. Any debt that the two of you have accumulated together during the duration of the marriage will usually be split down the middle.
However, if you have any of your own debt, you need to accurately disclose this with:
- Current credit card statements
- Mortgage or equity loan balances
- Student loan records
- Personal or medical bills
- Auto loan statements
Common Documentation Mistakes to Avoid During an Ohio Dissolution
When you are sharing financial records with your spouse during a dissolution, there are some mistakes that you need to avoid making, including:
- Providing outdated documentation.
- Not providing valid or trustworthy documentation, such as pay stubs or tax returns.
- Failing to follow the specific disclosure requirements for Ohio.
- Forgetting sources of income, debts, or assets.
- Not disclosing alternative sources of income, such as Social Security, disability, or unemployment.
- Failing to disclose business income, if applicable.
You also need to get the help of a dissolution attorney in Ohio so that you maintain compliance with Ohio’s separation laws and can avoid running into these common mistakes.
FAQ Section
Do both spouses have to disclose all assets?
Yes. Full disclosure from both sides is legally required for a separation agreement to be deemed valid and enforceable by the Ohio courts.
What happens if financial information is missing?
This could delay the dissolution case or result in court penalties for not following the disclosure requirements. Even if your dissolution is granted by the court, if it’s determined later on that financial information is missing, this could potentially result in a dispute, the court reopening the case, or the court overturning the case.
Should we exchange documents before meeting with an attorney?
It’s usually best that you first get the help of a dissolution attorney in Ohio before you officially begin the dissolution process or begin drafting your separation agreement.
Get the Help of a Dissolution Attorney in Ohio
Gathering the necessary financial records for a dissolution in Ohio is a legally necessary step that ensures both spouses get a fair outcome. And being thorough and upfront about this information can help you avoid issues that could potentially delay the dissolution process. At Garretson & Holcomb, LLC, our attorneys are here to help our Ohio clients navigate every step of the dissolution process. Contact us today at 513-863-6600 to get the process started with the help of a dissolution attorney in Ohio.
