Every divorce comes with challenges. For those with significant assets - such as family-owned businesses or hefty retirement accounts - the greatest challenges are typically financial in nature. Making the wrong decisions during the Ohio property division process can endanger your financial stability for many years to come.
In some cases, Ohio residents who are wanting to divorce also need to file for bankruptcy. Each action can pose several different issues, and it is important that people who are considering both understand whether they should file jointly or separately, as well as if it is a better idea to file for bankruptcy before or after filing for divorce.
Many Ohio couples who are facing the end of a marriage realize that property division is an important part of the process. In some cases, assets might be hidden by one spouse, making this complex. Knowing where to look and warning signs that may indicate assets or income was hidden is essential.
Although Ohio is not a community property state, it is important for married couples to be aware of community property principles in case they do eventually move to such a location. It can be difficult to think about the end of marriage when divorce isn't even in the picture, but protecting one's financial interests may depend on such planning. Additionally, those who are contemplating marriage and have significant assets or a business might want to consider a prenuptial agreement.
Divorces often bring difficult negotiations over custody issues as well as property division. Ohio couples whose marriages are ending may sometimes neglect to have a discussion of the division of their marital debts, however. Understanding how various forms of debt are handled can prevent nasty surprises during the division of marital property and serve as a bargaining tool in the divorce.
In April, the U.S. Supreme Court heard oral arguments in a landmark case questioning the validity of the same-sex marriage bans in Ohio and three other states.
A divorce is one of the most stressful things a person can go through in life, not only on a personal level but also on a financial level. There are numerous mistakes that a person going through divorce can make, as The Wall Street Journal recently discussed, that can cause serious financial harm.
If you preparing for a divorce, chances are that you have retirement accounts that need to be divided.
If you believe that a divorce is in your future, you may already be taking steps to prepare emotionally, but there are also steps you should be taking to prepare financially.
If you are one of the many Americans with a beloved pet that you consider to be a member of the family, you may be surprised to know that the court doesn't feel this way at all. Under the eyes of the law, pets are property much like your television or bedroom set.