Ohio couples know that financial matters are some of the most complicated issues of a divorce. Property division, alimony and child support are some of the most commonly disputed matters, even between couples who aim to avoid litigation. If facing a divorce, it is important to protect personal financial interests by understanding eligibility for alimony or possible financial obligations.
Spousal support is granted to one spouse if he or she is unable to support him or herself financially after the divorce is final. These payments may be granted permanently or may only be given for a certain amount of time in order to allow the recipient ample time to get his or her affairs in order. Before spousal support will be granted, certain factors will be considered. This includes the length of the marriage, the employment of both spouses, and other assets and liabilities. A spouse may seek alimony of a certain amount or may dispute the need for this financial obligation.
In Ohio, spousal support is taxable. It is extremely important to consider the tax implications of any financial decisions made during a divorce as this will impact an individual for many years. Individuals may find it useful to seek support from someone who understands the complex financial issues that can come from divorce.
A divorce will have a long-term impact on many things, particularly finances. It is vital to protect one’s interests by securing the assistance of knowledgeable and qualified legal counsel during this complex legal process. We offer additional information about alimony and divorce on our website.