When an Ohio couple ends their marriage, the divorce process will force spouses to divide all of their marital property and assets. Although many variables could influence the division of property, including the law, spouses have some leeway when negotiating their settlements. In some situations, two parties might exchange assets of similar value instead of splitting them. Before making decisions like these, people should carefully consider potential tax obligations and unexpected expenses.
Ohio parents who separate or divorce may find themselves suddenly involved in the child support system. However, despite the prevalence of child support, many people know little about how it works. Each year, August marks Child Support Awareness Month, which is meant to spread information about the financial responsibilities of noncustodial parents to their children.
Ohio parents who are new to paying or receiving child support payments may find the process a bit confusing. For instance, some noncustodial parents make child support payments directly to the custodial parent, while other parents pay their support directly to the state. The structure of the payment plan depends on the type of child support case a parent has.
Throughout Ohio and the rest of America, divorce among older couples has been on a consistent rise. Dubbed "gray divorce," marital splits between Americans over 50 have grown 20 percent since the 1990s. This trend is continuing upward even as divorce rates remain flat or decline among other demographic groups. The financial repercussions of a later-in-life divorce can be significant, especially when it comes to retirement savings and property division.