When Ohio residents divorce, the question of how to divide a retirement account may be difficult to answer. This is because it may represent one of the most valuable assets that an individual could have. Retirement plans may also be tricky to divide because of the potential tax implications of doing so. As defined benefit plans are not considered marital property, any appreciation that takes place before marriage or after a divorce cannot be split.
Ohio residents who are considering a divorce may want to take a look at their investments and how they might be affected. For people who do not handle the family finances, it is important to know what all the assets are and how to access them.
When Ohio couples get a divorce, they should take a number of financial considerations into account. For example, the couple may have a home they want to sell. However, they may need to decide how they will pay expenses associated with it and how they will split the proceeds when it sells.
When filing for divorce, most Ohio residents want a fair and equitable settlement. This can be hard to do if one spouse is hiding assets. One party's unscrupulous behavior does not have to leave the other person short. Here are some signs that might indicate a spouse is being less than forthcoming.
When it comes to asset division during a divorce, the type of compensation one receives from a job can make a difference. Ohio residents might like to know about these special salary considerations.
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.