How divorce impacts your finances in Ohio
Couples in Ohio often find themselves unprepared and overwhelmed by the financial challenges they face when their marriage ends. However, by approaching the divorce process with a clear understanding of its financial implications, people can better navigate these obstacles effectively.
Preparing for the most common financial issues related to divorce, from asset division and child support, can help you proactively manage your finances during this difficult time and make informed decisions for your future.
Division of assets and property
In Ohio, couples must divide marital property fairly, although not necessarily equally. Marital property covers all assets acquired during the marriage, such as the family home, vehicles, bank accounts, investments and retirement accounts.
The duration of the marriage, each spouse’s contributions and future earning potential all impact how the courts will divide the property.
Spousal support and alimony
The courts base spousal support (or alimony) on the length of the marriage, current income and future earning capacity of each spouse. They also consider the standard of living during the marriage.
Spousal support can significantly affect your finances, regardless of whether you are the paying or receiving spouse. Understanding the potential obligations or entitlements regarding spousal support is vital for proper financial planning.
Child support and custody
For divorcing couples with children, addressing child support and custody arrangements is important. Ohio courts determine child support based on the parents’ income, the number of children, who the custodial parent is and any special needs.
By familiarizing yourself with the Ohio divorce laws and guidelines relevant to your situation, you can gain valuable insights and strategies for managing your finances effectively throughout and after the divorce process.