With the New Year have come new changes to the nation's tax code, some of them major. One such change is proving to have significant effects for couples contemplating a divorce.
When married couples in Dayton go their separate ways, there will be numerous assets to divide between them. Many of these are common and are expected in a divorce, like a home and furnishings, vehicles, bank accounts and other typical assets. Property division can become more complex in a high-asset divorce, however, with nontraditional assets like artwork sometimes dwarfing the value of others.
New year, new you. That's the mantra for many people coming into the new year. However, those that are contemplating or are in the process of a divorce take that phrase to a whole new level. Divorce signals not only the legal end of a relationship but the turning of a page for the newly single. It can help to jumpstart a person and to get their life headed in a direction that's beneficial for them and their family.
As we noted previously here on our blog, Ohio state law requires that marital property be divided equitably when a marriage comes to an end. However, that doesn't necessarily mean that everything you own will be subject to this rule, as certain types of property will be considered non-marital.
Who gets the house after the end of a marriage? Who gets the furniture, the family heirlooms or the retirement accounts? Property division can be one of the more challenging aspects of a divorce. Here in Ohio, state laws apply specifically to the process, and any residents considering or going through a divorce will find the information valuable.
Ohio couples contemplating divorce have a special set of circumstances to deal with when they own a business together. As Forbes explains, there are three choices as follows:
While your dog may be considered a part of the family, when it comes to the law in Ohio, it technical is considered property. However, this does not mean a judge will treat it as such. Courts know dogs are living beings who must be cared for, so they are not as casual when determining ownership as they may be with a car or a piece of art.
Going through a divorce in Ohio is often a financial strain on one or both people involved. Going from one household to two with the same amount of money can lead to issues and disagreements. You may run into a situation where your spouse takes money out of a joint account, leaving you with nothing. Before you get to such a state, you should plan ahead.
If you and your spouse are navigating the complicated road of divorce, you are certainly not alone. Each year, a number of Ohio couples rely on divorce as a solution to remedy marital strain. You may have already begun to work through the tricky parts like child custody and alimony, but what about dividing your assets and fairly determining who gets what?
One of the most difficult factors involved in the termination of a marriage is property division. Distributing marital property and assets that have been accumulated throughout years of marriage can often seem overwhelming, as people may develop emotional ties to their things. There are, however, some important factors to keep in mind when determining who gets what in the final divorce settlement. One of these issues involves taxes, and how division of property may affect a person’s taxes. If people do not plan properly, they may be surprised with unexpected tax consequences that could have a major impact on their finances.