Hartley Law Office, LLC

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Dayton Family Law Blog

Can I keep my health care after a divorce?

For many couples living in and around Dayton, Ohio, health care is a major issue. Not only is it expensive, it also is often an essential lifeline that gives both spouses, as well as their children, access to the care and treatments they need to thrive and sometimes even to survive.

When a couple divorces, they both will continue to need health care, so their split can complicate matters with respect to health insurance. In fact, health insurance issues sometimes steer a couple toward a legal separation in lieu of a divorce.

Rate of couples over 50 who divorce continues to climb

While the divorce rate among younger couples has declined or, in the case of couples between 40 and 49, climbed slightly, the rate of those over 50 who choose to end their marriages has skyrocketed over recent years. Between 1990 and 2015, the number of people over 50 who divorce each year has doubled from about five per 1,000 to about 10 per 1,000, or one in 100.

There are a number of reasons for this. For starters, because people are living longer they may have more of an incentive to consider getting a divorce and, to their reckoning, moving on with life.

Report: Divorce to get more contentious with new tax law

As this blog previously reported, in the next few days, there will be an important change in the federal tax law that could impact thousands of divorces happening or about to happen in the Dayton, Ohio area.

To review, for all alimony, also called spousal support, orders that get finalized on or after January 1, the alimony payments will not be tax deductible to the one paying the alimony. Likewise, the person receiving the alimony will not have to account for it as income on his or her taxes.

More on capital gains tax considerations in divorce

A previous post talked about how a resident of Dayton, Ohio, should think long and hard about fighting for the marital residence. One of the concerns that post mentioned was whether or not the person wanting to keep the house can afford taxes.

Indeed, taxes should be a consideration in just about any divorce or separation involving a significant number of investment assets. With certain key exceptions, most investments are subject to what is called a capital gains tax.

What you need to know about spousal support in Ohio

Divorce creates uncertainty. You do not know when it will be over, your living arrangements or how you will pay your bills. Uncertainty about your finances is particularly stressful.

Ohio is an equitable distribution state. Your assets are divided equitably, though not necessarily evenly. If you have not worked outside of the home or your spouse makes significantly more money, the court may award you spousal support.

Are you prepared to file for divorce in Ohio?

You are emotionally ready to file for divorce. But what do you need to do to prepare? You may have friends or family who have told you how rocky it can get. Fortunately, you can do the following things to prepare for that first meeting with your attorney and make the road ahead a little smoother:

Military retirement plans require attention to detail

As a previous post on this blog discussed, sometimes getting through a negotiation about one's retirement benefits is only half the battle when it comes to dividing up property after a divorce or separation.

Dayton, Ohio, residents, as well as military personnel and former military personnel and civilian government workers who live in the area, also have to worry about lots of practical details associated with actually divvying up these assets.

How does a QDRO work?

One of the most valuable assets that a Dayton, Ohio, couple may have between them is their respective retirement plans, such as 401(k)s, pensions and the like. Those who regularly contribute to these plans can amass tens of thousands of dollars as they get closer and closer to retirement.

Therefore, it is not a surprise that retirement plans are a big issue when an Ohio couple over the age of 50 opts to divorce or legally separate. While they are subject to a fair and equitable property division just like other assets and debts, there are some special rules and principles that apply to them.

Be aware of impending tax change to spousal support

One thing Dayton, Ohio, residents, as well as members of the military and their families who are staying in the area, need to be aware of is that divorce, and other forms of legal separation for that matter, can affect one's tax situation in many ways.

For instance, under current rules, the payment spousal support, which is also commonly referred to as alimony, qualifies the person making the payment for a federal income tax deduction. The person receiving these payments, on the other hand, must report them as income.

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