Portage County Ohio Law Blog

Some spouses going through divorce in Ohio may attempt to hide their wealth in an attempt to shield it from property division. High-conflict divorces are sometimes notable for efforts on the part of one spouse to funnel away income, hide investment funds or otherwise deprive the other spouse of their stake in marital property. However, while these people are willing to deceive their spouses, they may be less prepared to file a fraudulent tax return. Divorcing spouses may learn a good deal of important information by examining tax documents.

In the first place, W-2 records should contain not only the amount of income a person received but also the funds that they had withheld from their paycheck. Some people may establish a new 401(k) plan, deposit excess funds into a health savings account or use some kind of other defined contribution plan that they do not disclose. By reviewing the W-2s, it should be possible to see all of the plans that exist through the employer. In addition, some people, especially in professional work or independent businesses, may actually overpay their taxes. While the IRS holds on to the funds, they could always file corrected returns years later and reap the benefits while single. This is another reason it is important to review marital tax returns, especially when moving towards divorce.

For many couples divorcing in Ohio and elsewhere, it can be easy to look at the process as one that demands a victor instead of an equitable outcome. The emotional nature of divorce may lead spouses to act irrationally in order to come out on top, penalize one another or deprive one another of property and assets. This might not only affect future financial security, but it may also cause irreparable harm to children in a divorce.

To minimize the potential for such problems, a clinical psychologist writing for Fatherly suggests spouses recognize that behaviors during the marriage may only become amplified in divorce. For example, if fights about money contributed heavily in events leading up to a divorce, financial arguments may become a focal point of contention during the divorce process. Additionally, it is recommended that spouses look inward and examine their own behaviors to minimize the exploitation of personal triggers.

The longer a marriage, the more likely the couple has accumulated a significant amount of joint assets. In such situations, divorce may bring a whole new set of financial troubles. That's why some Ohio spouses may benefit from taking a moment to consider how untying the knot will affect them financially.

Keeping the house is a common request during divorce negotiations. However, doing so could result in a budget squeeze if a spouse is trying to fully maintain a house on half as much income. Efforts to keep up with house-related expenses may also lead to taking out loans or risking losing a home to bankruptcy. Selling a jointly owned home can be financially risky as well if a couple is forced to accept a low offer because of an urgency to move on. If a couple decides to wait until they get a better deal, holding onto the home may mean juggling expenses for two houses.

Life is often complicated. Rarely are we presented with a single problem possessing a single solution. For example, many marriages that end in divorce are also complicated by child custody and occasionally, addiction. Any of those issues would be overwhelming on their own, but when they all require your immediate attention, it is easy to feel overwhelmed.

If you are considering divorce, have children and are managing your partners addiction all at the same time, here are some tips.