When couples in Ohio get a divorce, if they own a business together, they must decide whether they are going to keep it or sell it. In some cases, their financial situation might dictate what happens.
Ohio couples know how stressful a divorce can be, especially when children are involved. Many life-changing decisions have to be made during a relatively short period of time. Typical issues to resolve include child custody, child support, alimony and the division of property. What some spouses may not realize, however, is that decisions made during a divorce can affect a credit score.
Ohio residents going through a divorce are dealing with a number of challenges that affect them emotionally. Deciding what to do with a cherished family home or deciding how issues pertaining to child custody are addressed can take a toll on an individual. The danger is that a person will become so focused on what is going on in their divorce now that they fail to think about how their decisions will have a long-term effect. This is especially true when it comes to financial decisions made during divorce about retirement.
Ohio residents and others have likely heard that Amazon founder Jeff Bezos recently finalized his divorce. Although most divorces don't garner as much publicity as his did, there are many lessons that people can learn from his experience. For instance, it is important to create and control a divorce narrative. This can be especially important for those who have children or who otherwise want their marriages to end as smoothly as possible.
Investors in Ohio and around the country have taken an interest in cryptocurrencies in recent years for several reasons. Alternative currencies like Bitcoin exist outside the realm of government regulation and can be purchased and transferred easily. These benefits have also made them a popular way for high-net-worth individuals to conceal their assets during divorce cases. When dealing with marital estates that include or could include cryptocurrency holdings, the biggest challenges facing divorcing spouses and their attorneys is locating the assets and then placing a value on them.
Some Ohio couples may think of prenuptial agreements as largely being about how property will be split in case of a divorce. This is one reason people might be more likely to want a prenup if they are older and going into a second marriage, but prenups can offer other valuable protections as well, including for children from former marriages.
Wealthy couples in Ohio who are considering ending their marriage might want to take a cue from Amazon founder Jeff Bezos and his wife. The two announced their divorce with a joint statement that said they would continue to cooperate going forward.
It can be a challenge for divorcing couples to figure out how to divide assets and property and handle child custody. Determining how to fairly divide retirement assets can add another layer of challenge to the divorce process in Ohio. For many couples, their retirement savings represent the largest chunk of money that they have. If they are not careful, they could find themselves paying a hefty price as they are forced to pay penalties and additional taxes. Or they may see a substantial amount of money go to their ex-spouse.
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.
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.