How financially damaging is a gray divorce?

If you are one of the many people over the age of 50 who lives in Ohio and is planning to get divorced or maybe even already in the midst of a divorce, you will want to educate yourself about the financial realities of ending your marriage at this stage of life. Breaking up a marriage and splitting assets is commonly a tough financial blow to couples regardless of their ages. However, the fact of the matter is that when a person has fewer years left to work, there is less time to recoup the losses they experience through a divorce.

Wives earning more than husbands may make divorce more likely

When women earn more than their husbands in Ohio, the results can be devastating. In fact, this holds true virtually everywhere in the U.S., though not in all marriages. According to MarketWatch, 38% of American wives make more money than their husbands. Women also earn half or more of the household income in one-third of all couples living together in America, married or not.

Mortgage closing documents can reveal hidden assets

Spouses seeking a divorce in Ohio may worry that their soon to be ex-spouse is hiding assets. Unfortunately, sometimes this fear is justified, which is why anyone in the beginning stages of a divorce should locate and gather documents that can uncover the existence of hidden assets. Mortgage closing documents are a good place to start.

How can I ensure my prenup is effective?

For certain couples in Columbus, having a prenuptial agreement in place before getting married is a must. This is especially true if you're a business owner or have a lot of property and assets in your name, which may be up for grabs in the event of a divorce. CNBC explains how you can devise a legally binding and effective prenuptial agreement. 

The difference between divorce and dissolution of marriage

For any number of reasons, couples in Ohio and elsewhere may make the difficult decisions to end their marriages. Although the terms divorce and dissolution of marriage are often used interchangeably for terminating a union, they are two different legal actions. Therefore, it may be helpful for those who are planning to split from their spouses to understand the pointed differences between these actions.

What is an offshore account?

During a divorce in Ohio, one thing you may have concern over is hidden assets. If you do not discover all the assets your spouse has, the court will not consider them when dividing your assets. It becomes quite important to uncover everything. One thing to consider is any offshore account your spouse may have.

What are the tax implications of divorce?

When you are going through a divorce in Ohio, there is a lot you must think about in terms of finances and how your divorce will affect them. One financial implication of divorce that many couples do not consider is how the separation will affect their taxes. The US Tax Center at IRS.com has some very helpful advice for soon-to-be-divorced couples who wish to save this upcoming tax season.  

The magic word in high asset divorce is negotiation

Divorcing when you own precious works of art or a luxurious Columbus home can be heartbreaking as you might expect to lose your valuable assets to your soon to be former spouse. However, the loss of your prized material possessions is not automatic. You can still try to negotiate with your spouse to hold on to certain assets. Several factors can lead to a successful divorce negotiation.

The ticking alimony and tax clock

People in Ohio who have agreed to end their marriage quickly learn how complex the process of getting to a final divorce agreement can be and why it often takes more time than they expected to complete their divorce. When the calendar changes next month from 2018 to 2019, a major shift will occur in the tax law that could have significant implications for divorces. Many believe that this anticipated change is actually pushing couples to rush to complete their divorces in 2018.

Who gets the art after your divorce?

You may not have to think about Koons, Rembrandt or da Vinci should you decide to end your marriage; not many Ohio couples have to worry about distributing extensive fine-art investment holdings upon divorce. However, couples who share any type of challenging assets, such as real estate, unique artworks or antiques, might want to consider exactly how they assign dollar amounts during the property division process.

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Gregg R. Lewis, Esq. - Harry Lewis Co., LPA
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Columbus, OH 43206

Phone: 614-221-3938
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