Particularly in a divorce where tension and mistrust is running near a boiling point, it is not uncommon for a spouse to try to hide some property, like a bank account or other fund, from the other party. The financial reason someone does this is that he does not want to split the asset as part of the property division process.
Although previous posts on this blog have mentioned, it may be helpful to residents of the Dayton area to be reminded of the options they have with respect to their businesses when a divorce or legal separation is looming. For that matter, this overview may also be helpful to unmarried couples who have been together for a long time and have operated a business together.
One major issue that older couples who are going through a so-called gray divorce or legal separation may face involves retirement plans. Even when both spouses have had long-term careers, they may still be relying on each other's resources for retirement. Thus, a late-in-life divorce could be a fearful prospect in that, if not handled properly, the fallout could mean a senior has to choose between financial hardship and having to work late into life.
Many people in the Dayton area have retirement plans. Some have wealth stored in 401(k)s or other self-contribution plans, which have become more and more common in the private sector over the recent decades. However, employees in the area may also be entitled to a pension. Military members frequently receive pensions after their careers, and others in the civil service and other government jobs, as well as a handful of employees in private business, may also draw pensions.
Many people in Dayton, Ohio, especially as they go along in their careers, may receive lucrative benefits from their employers.
Members of the military who work at Wright-Patterson are probably used to moving around a lot. This is, after all, a common part of military life, even when the country is not engaging all of its resources in to a conflict.
Someone who watches movies or television regularly may have the impression that there is something inherently illegal or sneaky about an offshore bank account. The reality, however, is that an offshore bank account is perfectly legal; it is simply a bank account held in an institution outside of one's own country.
While a Dayton, Ohio, couple who is going through a divorce or separation will generally be expected to divide up their property fairly, this rule does not apply to all property.
A previous post on this blog talked about how divorce or legal separation, or even the informal separation of an unmarried couple, can have a profound effect on a Dayton, Ohio, resident's business.
Many members of the military who work at Wright-Patterson Air Force base here in the Dayton area may one day hope to earn retirement pay via their service to the country.