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Posts tagged "Divorce"

Protecting your finances in a divorce

Many marriages in Ohio end because of money troubles, and these financial burdens often carry on through divorces. One of the many reasons for this is that couples do not discuss their financial objectives before getting married. Preventing financial catastrophe when going through a divorce requires careful planning and discussion. Obtaining financial counsel from an expert or nonpartial third party can often produce better results.

Facing the holidays after divorce

Ohio readers know that the holidays can be stressful during the best of times. However, they are especially difficult for families who are dealing with separation or divorce. Not only can this time of year make the feelings of loss associated with divorce more acute, but those intense emotions can make it even harder for parents to decide when and where their children should celebrate the holidays.

Documentation is key to getting custody of a child

When a couple in Ohio gets a divorce, state law will likely play a role in determining who gets custody of the children. If there are reasons to believe that a child is in danger while spending time with a parent, the other may be given emergency custody. Parents who are seeking any type of custody of their children are encouraged to take notes and have other forms of documentation ready.

Divorce and hidden assets

People in Ohio who are getting a divorce may be concerned that their soon-to-be ex-spouses are hiding assets. Individuals who are already divorced may share the same concerns about their ex-spouses. However, a thorough examination of the schedules that were filed with their joint federal tax returns can provide clues about any assets that may not have been reported.

Raising happy and healthy kids through a divorce is possible

No matter how careful parents try to be, divorce will likely take a heavy toll on young children and teenagers. Legally separating is emotional, but parents in Ohio and the rest of the country can do quite a bit to protect their children throughout this legal process. With a bit of planning and some hard work, kids should be able to come out of these situations more confident and resilient.

Gray divorce has special financial consequences

As people in Ohio move toward retirement age, they may expect their financial decisions to be simpler and less complicated. However, as more people decide to divorce later in life, there can be a new twist in their retirement plans. In the past two decades, divorces between Americans over the age of 50 have doubled, a trend that shows no sign of stopping. These splits have been dubbed "gray divorces." While retirement funds are a significant marital asset for couples of all ages, they take on a particular importance the closer people are to retirement age.

Why women should protect their businesses from divorce

Traditional views of divorce often reflect the husband as the primary wage earner who is concerned about retaining those assets. However, more and more Ohio women are starting small businesses, and they are the ones seeking to maintain control post-marriage. That's why it's important for wives to take steps to protect their businesses from divorce.

Tax changes and expensive divorces

Ohio residents who are getting a divorce should be aware of how the passage of the Tax Cuts and Jobs Act will impact divorces that are finalized on or after Jan. 1, 2019. There are provisions that affect exemptions, deductions, federal tax rates and Alternative Minimum Tax limits. However, divorcing couples may be most interested about the changes that will impact alimony and child support.

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Kroener, Hale & Penick Law Firm
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Batavia, OH 45103

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