Some Ohio couples are talking about using a strategic divorce in order to help them save money on taxes. This is something that could be helpful to couples who are high earners, considering the way the Tax Cuts and Jobs Act that went into effect in 2018 subjects them to higher taxes when they file together.
Ending a marriage doesn't have any direct impact on a person's credit score. However, Ohio residents and others who have recently gotten divorced may see their credit score go down after doing so. This could occur because an individual has closed joint credit accounts or has removed his or her name from those accounts. A person may also experience a reduced credit score if a former spouse fails to pay down a joint debt as ordered in a divorce settlement.
Ohio residents who are going through a divorce or who have gone through a divorce may realize that a spouse trying to hide assets. The idea of the spouse trying to hide the assets being the husband is an antiquated one; in many marriages, the wife makes as much, if not more, money than the husband. In a good portion of marriages, the wife is the one who is responsible for financial decisions, including monitoring accounts and investments.
Social media is an everyday part of life for many people. Ohio residents might not give their behavior a second thought when sharing a status on Facebook, linking to a funny video or posting pictures of a vacation on Instagram. However, taking a little extra time to be mindful about what gets shared online can be helpful when going through a divorce.
Ohio business owners who get a divorce may face a number of complicated issues related to the business. Depending on the size of the business and how it is run, it can be difficult sometimes to separate business finances from personal finances. The Tax Cuts and Jobs Act of 2017 has potentially provided some additional guidance in this area because it has identified two different classifications of income. However, this is still a complex area, and business owners may want to work with a financial professional on these and other issues.
As many Ohio residents know, preparing for and going through the process of divorce can be a complicated and often overwhelming endeavor. Because there are so many details to take care of, insurance can be easily ignored. However, forgetting to plan for and prepare for the changes related to health care or life policies can have major consequences later on.
When people in Ohio decide to divorce, it can quickly become apparent that the end of every marriage is unique. Some people, regardless of assets, may be swiftly able to reach a negotiated settlement and move on amicably. However, when a divorce is more contentious and involves extensive assets or children, the process can become lengthy and challenging. When both parties cannot reach an agreement over the distribution of property or custody of the children, it could lead to ongoing court hearings on these key issues. As a result, each spouse may find it useful to rely on expert witnesses in order to bolster their claims.
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.
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.
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.