Whether you are currently going through a divorce or you have just recently filed for legal separation, there are several matters that must be taken care of. You may be occupied with issues involving property division, child custody and alimony, but forget to think about how the divorce will affect your taxes. The financial implications of divorce can be difficult to handle, and some may have long-lasting effects on your life. Taxes, for one, will most likely be different whether you are filing jointly or separately.
When you exchange your marital vows, ‘till death do us part,’ you definitely do not see a divorce in the future. Yet, more than half of all marriages end in divorce, according to the Centers for Disease Control and Prevention. Terminating a marriage can be extremely emotional and it may be overwhelming to make difficult decisions during this hard time. One of the most difficult tasks to tackle is dividing marital property, or the property and assets that were amassed during the course of the marriage. During the divorce, both parties are required to disclose all property and assets that were accumulated throughout the marriage. Yet, in some cases, spouses may be tempted to hide property in order to keep it solely to themselves once the divorce is finalized.
For many residents of Ohio and elsewhere, pets are more than just property – they are members of the family. Traditionally, dogs, cats and other animals are treated like marital property during a divorce. However, deciding which spouse should get the family pet can be a much more emotional and contentious issue than splitting ownership of the house and cars. Can you do anything that may protect your relationship with your beloved pet if your marriage fails?
When your marriage is ending, it can seem as natural as confiding in a friend to post about the impending divorce on social media. After all, social media has become a prevalent part of the lives of Ohio residents and others across the country. It is how you keep in touch with your loved ones, so of course you would want to talk about a significant life event like a divorce on your social media platforms. While it may be tempting to change your relationship status on Facebook and post some self-affirming quotes and newly-single selfies, you might want to think twice before announcing your breakup online – at least before the divorce is finalized.
If you get a divorce in Ohio, the court will divide any marital property between you and your former spouse. The court makes a ruling on what is and what is not considered marital property based on the Ohio Revised Code, which is the law of the state. The ORC outlines exactly what is considered marital property and defines exceptions that are separate property and not susceptible to division by the court.
As you probably know, Ohio requires you and your spouse to divide your marital property fairly and equitably when you divorce. But if the two of you have lived together for many years without benefit of marriage, must you still obtain an actual divorce and split your property fairly and equitably? The answer is, “it depends.”
If you own a business in Ohio, you naturally want to protect it from all types of risks. Divorce is just one potential risk facing entrepreneurs, who could lose control of their enterprise if the proper measures aren’t taken. The financial loss can also be great, in addition to setting back all the hard work it took to make your business a success. The first step in protecting your interests is to create a prenuptial agreement before you get married.
As you begin your Ohio divorce process, you likely are caught up in all the things a divorce entails, particularly your custody and parenting time agreement and your property settlement agreement. With regard to the latter, make sure you understand exactly what you are signing. It may be difficult to modify it in the future.
As you face your Ohio divorce, probably one of your main concerns is how the court will divide the marital assets you and your spouse have accumulated during your marriage. But have you ever thought about the fact that your marital debts likewise must be divided between you?
As you face your impending Ohio divorce, you may have the uneasy feeling that your spouse is up to something. Specifically, you may suspect that (s)he is attempting to hide marital assets so as to obtain an advantage when it comes time to divide your marital property by way of a property settlement agreement.