If you are getting a divorce in Greene County, OH, there are certain things you should include to support your side of the divorce. One example of something you should consider including is a lifestyle analysis, which can help you get a fair financial outcome regarding things like alimony and support.
Are you worried about finding hidden assets or having assets and payment responsibilities split unfairly in your Greene County divorce? If so, check out this article, where we will be discussing lifestyle analysis in divorce cases and why it is essential to have one.
What is a Lifestyle Analysis?
The main purpose of lifestyle analysis in divorce cases is to establish your standard of living during the marriage. An analysis will reconstruct the day-to-day living expenses during the marriage and your and your partner’s spending habits. It often includes things like credit reports, unusual expenses, seasonal expenses, recurring or ordinary expenses, personal and business income tax returns, and financial statements.
A lifestyle analysis is usually used in a divorce cases where alimony or child support is being decided on. These are areas where it could be very difficult to come to an agreement, which is where having analysis data can come in handy and helping you get the outcome you want. However, anyone could benefit from including one in their divorce case.
Why is a Lifestyle Analysis in a Divorce Case Important?
In some situations, a lifestyle analysis may be required for a divorce in Greene County, Ohio. However, even if it isn’t required, it is still a critical piece of evidence that can help you get the best possible outcome in your divorce proceedings.
A lifestyle analysis will help to verify the net worth and income from both spouses as well as the expense statements. The analysis data will ultimately help the judge to make the final financial judgment on how things will be divided between the spouses.
For example, a lifestyle analysis will often be used to determine how much alimony is and how long you will receive it. A lifestyle analysis can also help a judge decide things such as the amount of child support and how the assets are divided. Because of this, including a lifestyle analysis can drastically impact what you are left with after the divorce is finalized.
Components of a Divorce Lifestyle Analysis in Greene County
There are several different components that make a strong divorced lifestyle analysis that can help you get the best outcome. Some of these components are normally required in a divorce case but a lifestyle analysis ensures everything is together and the different financial aspects of your marriage have been more closely examined.
Here is a breakdown of the main things that your financial analysis will cover..
Spending Patterns
The first part of a lifestyle analysis will scrutinize you and your spouse’s spending habits, specifically over the last few years of marriage. This will include every day spending on things from groceries to utilities to luxury purchases like vacations. Spending patterns will help to establish day-to-day spending and special occasion spending, which will help to establish a standard of living that you both enjoy during the marriage.
Non-Monetary Contributions
A very important aspect in any divorce case is establishing non-monetary contributions. Non-monetary contributions include contributions made during the marriage that extend beyond simple finances. In many instances, this can include things like homemaking, caregiving, child care, and support for education and career advancement.
Even though non-monetary contributions do not come with a dollar amount, they can still impact decisions around alimony and support.
Claimed Income and Assets
The lifestyle analysis will also closely examine you and your spouse’s income and assets in great detail. It will include things such as all income streams, investments, high-value items, and properties. This only includes income and assets that were accumulated or enjoyed during the marriage and eligible for asset division.
Hidden Assets and Income
As crucial as claimed assets and income are for a lifestyle analysis, it is also important to find any hidden assets and income. Unfortunately, some spouses may try to hide assets or income streams to avoid having them susceptible to asset division in divorce court. An analysis can help you identify hidden assets and unreported income streams as part of your divorce case by locating any inconsistencies or signs of concealment.
Not only will this ensure a fair financial settlement, but it can also bring the credibility of your spouse into question.
How to Create a Strong Divorce Financial Analysis?
Something to keep in mind when creating your divorce financial analysis is that it needs to be thorough and high-quality for it to make the most significant difference. To ensure that your analysis encompasses the most critical aspects of your and your spouse’s finances, you need to hire two different professionals: a financial expert and a divorce attorney.
A financial expert could be either a financial advisor or a divorce financial planning expert specifically. Both types of professionals will have experience with lifestyle analysis compiling to ensure everything is thorough and will support your side of the divorce case.
It’s also critical that you hire a divorce attorney in Greene County. A divorce attorney can help you create your divorce case and compile additional evidence along with your financial analysis. They will also act as your advocate, ensuring that your rights are upheld and you get the outcome you deserve, whether that be in the form of alimony, marital assets, or child support.
Contact a Family Law Attorney in Greene County, OH
Do you want to ensure you get a fair outcome in your divorce case by providing a spending analysis and lifestyle data? Richard P. Arthur, Attorney at Law, can help you navigate your divorce case and collect the evidence needed to support your side of things. Richard P. Arthur has handled hundreds of divorce cases in Greene County, Ohio, and can help you every step of the way to ensure the best outcome possible. Contact us today at 937-254-3738 for a consultation.