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.
Divorce among seniors (also known as "gray divorce") has become common in Ohio and in other states. Tax law changes that were enacted in 2017 which will go into effect at the end of 2019 could change the way gray divorces are litigated. Older adults who are considering divorce will want to consider how these changes could affect them.
No matter how old they are, Ohio residents who get a divorce are likely to experience some impact on their health. For people who are 50 years old or older, getting a divorce can result in a range of physical and psychological issues, especially if they are already dealing with health issues.
It may come as no surprise to some Ohio couples that divorce seems to occur in waves within social groups. Not only is the idea of "divorce contagion" something that people often report anecdotally in their social lives, it is backed up by scientific research. According to researchers from Brown University, Harvard University and the University of California at San Diego, spouses with divorced friends are 75 percent more likely to separate themselves. Even spouses with friends of friends who divorce are one-third more likely to decide to divorce.
When Ohio parents get divorced, they are still responsible for raising their children. Part of raising a child is working with other parents to schedule play dates and other activities that the children can take part in together. In some cases, parents may struggle to develop relationships with other mothers and fathers, which could have an impact on a child's social life.