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.
Negotiating divorce settlements in Ohio and around the country involves tackling some delicate and potentially contentious matters. Discussing issues like spousal support and property division can be difficult when spouses harbor animosity toward one another or the marital estate is complex, but leaving these matters for a judge to decide involves taking risks and airing grievances in public. Resolving civil matters in court can also be expensive, but there are alternative approaches to dispute resolution that could help spouses to reach amicable agreements even in situations where protracted litigation seems inevitable.
According to a survey by the American Academy of Matrimonial Lawyers, splitting retirement accounts is the second most contentious issue for divorcing couples. This is understandable as many retirement accounts can become major assets. When these funds are split, Ohio couples will need to follow certain regulations in order to avoid having to pay tax and penalties on the distribution.
It can be especially difficult to say the words "I want a divorce" over the holidays. If you did, more power to you. If you didn't, now may be the time to put an end to your misery.
You might assume pre and postnuptial agreements are only for super wealthy celebrities, but this assumption can be harmful to your financial future. If you and your special someone ever separate, your property, debts and personal belongings, such as jewelry, might be at risk of property division. Perhaps you decided to forego a prenuptial agreement but are now worried about the outcome of a potential divorce.
Circumstances in life change, sometimes dramatically, and a situation that existed when you divorced may no longer be true or viable. When a change becomes necessary, you can take steps to modify your divorce decree, and your attorney can help with the process.