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Medina County divorce attorney asset division

While the overall divorce rate in the United States has declined over the past few decades, it has actually increased for one demographic: people over the age of 50. In these cases, which are commonly known as “gray divorces,” there is a wide variety of complex issues that spouses will need to consider as they legally dissolve their marriage, including determining how to divide marital property. This can be a major concern for those who are close to retirement age or who have already retired since they will need to determine how to maintain financial stability so they can support themselves once their divorce is complete. However, no matter your age, retirement savings and benefits are an important issue to address during the property division process in Ohio.

Dividing Retirement Accounts and Pension Benefits

Marital assets include any money or property earned or acquired by either spouse after they were married and before they were legally separated, and these assets must be divided as equally as possible between spouses during an Ohio divorce. If a retirement account such as a 401(k) or IRA was created during a couple’s marriage, or if contributions were made to an account while the spouses were married, this account will typically be considered marital property. Likewise, if a spouse worked in a pension-eligible position while married, his or her pension benefits will be subject to division between the spouses.

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Wadsworth parenting time attorney

The divorce process includes a number of different areas that must be addressed before your marriage can be legally dissolved. This includes the division of assets, spousal support (alimony) determinations, and perhaps most importantly, drafting a parenting plan for your children. Building a parenting plan and creating “rules” for you and your former spouse can feel uncomfortable, and you may need to resolve a variety of disagreements. It is likely that you each have slightly different parenting styles and differing opinions on how to handle situations that come up involving your children. These discrepancies can be easier to discuss and manage as a married couple, but they may not be so easy to address and resolve once the divorce papers are signed. During your divorce, you will need to formulate a legal parenting plan that addresses how you and your co-parent will deal with child-related situations, work together to raise your children, and resolve any disagreements that may arise.

Specific Issues to Address

A typical parenting plan will include larger details, such as the parenting time (visitation) schedule and each parent’s rights and responsibilities for making decisions about how children will be raised, but it will also hammer out minor details. Below are some of the issues that the Ohio family court system allows you to address to make sure that your parenting plan fits your family’s needs:

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Medina parenting time attorney

The divorce process involves a variety of decision-making steps, all of which are meant to be permanent. In certain cases, you may be able to decide how to divide your assets, when you will spend time with your children, and how much (if any) you or your spouse will receive in financial support. The permanence of these decisions can add another layer of stress onto each prospective ex-spouse. You may be thinking, "How can I make decisions for my future when I do not even know what it will look like?" Although a divorce decree is meant to be permanent, there is some leeway. The terms of your divorce may be modified, if necessary, with the help of a skilled attorney.

Post-Divorce Modifications

Changes made after the completion of a divorce are typically tied to finances or parenting issues. Spousal maintenance is determined by comparing both spouses’ incomes and factoring in your lifestyles. In some cases, you or your ex-spouse could endure a large pay cut or lose your job, possibly warranting an increase or decrease in the amount of spousal support payments. Similarly, if one of you receives a raise or gets a job after being unemployed, the amount of spousal support could be adjusted, or it could be terminated altogether. Because finances and income can change greatly throughout your life, it is important to understand that the number you decide on in court is not set in stone if there is a significant change in circumstances.

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Wooster property division attorney

Dividing marital property and assets can be one of the most contentious parts of divorce proceedings. Some divorcing couples can agree on how to divide their assets, while others argue over every decision made during the property division process. Seeing the life that you built with your former spouse be split up between the two of you can be difficult. Deciding who gets to keep the marital home can be a tough task, both emotionally and financially. It is often assumed that one spouse will take the house while the other party finds another place to live. This may be one of the most common arrangements, but there are various ways that an experienced divorce attorney can work with both spouses to find a solution that benefits everyone.

What Are My Options?

There are three basic ways that the marital home can be evenly “divided” between spouses in an Ohio divorce. These decisions can vary depending on the spouses’ emotional connection to the home, their financial investment in the house, and whether or not they wish to raise their children there. The means by which the house will be divided can be determined by the divorcing couple, with the help of their attorneys, to ensure that the arrangement is fair for both sides. The arrangements may include:

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Posted on in Divorce

Medina County divorce attorneyYou may be surprised to learn that the Holmes-Rahe Stress Inventory considers divorce the second-most stressful life event that a person can experience. Disagreements regarding property division, child custody, child support, and spousal support can be especially burdensome. If you are planning to divorce, you should know that there are ways you can mitigate the stress and complication of ending your marriage. Avoiding the following mistakes is one of the easiest ways to do so.

Financial Short-Sightedness

Understandably, many people getting divorced are more focused on the personal effects of the split rather than the financial implications. However, divorce will have a major impact on your finances, making it crucial to be educated about your options. Avoid the mistake of only considering the short-term consequences of your financial decisions during divorce. For example, many people wish to retain the family home because of its personal significance to them. However, keeping a home which has an expensive mortgage or requires high maintenance costs may be too much for a recently-divorced person to manage on their own.  

Retaliatory Actions Against Your Spouse

It is safe to assume that most divorces involve a certain degree of hostility. Many divorces are the result of an affair, lies about finances, drug/alcohol addictions, or simply the breakdown of a relationship. It is completely understandable for those in the middle of a divorce to experience a wide range of emotions. However, taking retaliatory action against your spouse will only create further complications. Purposely doing things to upset or harm your spouse can affect decisions about property division, child custody, and many other aspects of your divorce.

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Medina County family law attorneyThe decision to end a marriage is not easy, especially if the couple was married for a long time. One of the factors that concerns many people about getting a divorce is the financial aspect. The thought of how to divide assets or the loss of one whole income can be daunting. In some cases, one spouse may have earned significantly less than the other spouse did or even gave up his or her career to raise a child. In many states, such as Ohio, an award of “alimony” or now called “spousal support” may allow the spouse with the lower income to maintain his or her standard of living after the divorce. But, what happens to those support payments if one of the ex-spouses remarries?  

Determining Spousal Support in Ohio

In the state of Ohio, the court may order temporary spousal support during the divorce proceedings since some divorces can take a long time. Permanent spousal support payments may then be ordered once the divorce is final. While some states have guidelines for calculating the amount and duration of spousal support payments, Ohio divorce law leaves these decisions up to the court’s discretion. A judge must consider several factors when deciding whether or not to award spousal support payments.

Some of the issues the court will review include: 

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Medina County divorce lawyer

The history of prenuptial agreements can be traced back 2,000 years, but they began to benefit women in the United States during the 19th century. Before the Women’s Property Act of 1848, a woman could not have property in her name. In cases in which a woman’s husband would leave or pass away, a prenuptial agreement would ensure she would be left with something. After the act became law, prenuptial agreements protected women from their husbands taking advantage of their inheritances or property. 

Today, prenuptial agreements have a similar purpose to situate finances before marriage in case either party wants a divorce sometime in the future. Preparing for divorce before walking down the aisle may feel like planning for a marriage to fail, but in reality, it helps couples communicate truthfully about their finances.

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Posted on in Divorce

Wadsworth divorce lawyer mediation litigationIt is often said that half of marriages in the United States end in divorce. In reality, the percentage of divorce is somewhere between 40 and 50 percent, and that rate has steadily decreased in recent decades. There are many factors that can contribute to a couple’s likelihood to get a divorce, such as the length of the relationship, the age of the individuals, and whether or not one of the parties has been married before. According to USA Today, the divorce capital of Ohio is Bedford Heights, with nearly 20 percent of the population being divorced, compared to 13 percent throughout the rest of the state. 

When the time comes for a married couple to decide on separation, this may feel like an overwhelming decision. There are many things to consider when getting a divorce, such as the division of assets and child custody, but couples should first consider how to proceed with the divorce process. In Ohio, there are multiple options for resolving the legal issues that must be addressed during divorce. Depending on the relationship with your ex-spouse, you may find one is better for your situation than another. 

Options for Divorce

  • Mediation - If you and your spouse are able to amicably discuss the legal issues involved in ending your marriage, mediation can be a great option for conflict resolution. When using mediation, you and your spouse will work with a mediator to discuss and decide on the terms of your divorce. The mediator is not there to take sides or make decisions for you but to assist in guiding a productive conversation. After the mediation process, the agreements are placed in writing and signed. 
  • Collaborative law - In this type of divorce, couples agree to work together and negotiate the various issues involved in divorce outside of court while being represented by their own attorneys. This process requires both parties to be open to the idea of discussion and be willing to freely share information with each other.
  • Litigation - In some cases, it may be necessary to involve the court in divorce proceedings. This may be the case if couples truly cannot agree on the terms of their divorce or are unwilling to negotiate, or if there are serious issues such as restraining orders that have been placed because of domestic violence or abuse. Unlike mediation or collaborative law, court proceedings are public. 

Contact a Wayne County Divorce Attorney Today

Getting a divorce is an overwhelming process that involves a wide variety of steps. Contact an experienced Summit County divorce lawyer to discuss the best divorce procedure for you and your family. We offer free consultations in most cases. Call 330-725-4114 to schedule an appointment. 

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