Divorce is never a popular topic of conversation for couples, even for those who have had trouble in their marriage for quite some time. When you and your spouse decide it is time to file for divorce you will want to know how it will affect your investments in Ohio.
The first thing you must do is get an understanding of the net worth of your family. When it comes to dividing financial assets and property, there are plenty of regulations, rules and taxes you need to follow. You will want a qualified domestic relations order prepared because it divides a retirement account between you and your former spouse.
You can get a strong understanding of your family's net worth by putting together a good net worth statement. This statement will help identify the title in your marriage and all of the assets. You should also inform your financial advisor of any prenuptial agreement that might be in place. Make sure you have a copy of the agreement if one is active.
Another good idea is to get an understanding of your cash flow needs. You might not want to keep the family house or even half of the family business. Instead, you might want to keep some investment accounts or other property from the marriage.
Knowing the applicable tax laws for a separated or divorce couple is also important. This includes the laws for dependent children, filing status, property disposition and alimony. When you have an understanding of the tax laws around these issues it could lead to you changing your final decisions in the divorce settlement.
It is recommended that divorces get settled quickly in order to acquire a more equitable split. The longer a divorce takes to finalize, the more the assets are spent down as the two sides continue to battle for property.
An experienced family law attorney in Columbus, Ohio, can answer all of your post-divorce estate planning questions and explain your rights.
Source: The Fayetteville Observer, "Divorce & Investments," Tracy Sorzano, Feb. 23, 2017