For couples with wealth or valuable assets, drafting a prenuptial agreement before a wedding is a common practice. The protections provided by these legal agreements can help couples avoid litigation and disputes during a high-asset divorce. However, Ohio couples of all income levels can benefit from prenuptial agreements.
The dynamics of each divorce is different, and some Ohio couples are able to reach agreements on most issues in an amicable manner. Others go through extended legal battles that often include accusations of hidden assets and tax irregularities. The High Asset divorce of Pamela Anderson, the former Baywatch star, and Rick Saloman was recently finalized after months of contention. Pamela ultimately accepted $1 million as a divorce settlement.
One of the unfortunate realities of a contentious divorce is the propensity of couples to agree to terms that are not beneficial, simply to retaliate or hasten the finalization of the process. While it is tempting to allow emotions to dictate decision-making, it is more important to make smart decisions in order to build a strong financial future. With help and guidance, Ohio couples can avoid serious financial mistakes during a divorce.
Over time, residents in Ohio who contribute to 401(k) accounts may be able to accumulate a valuable asset. Because these accounts are subject to taxes if funds are accessed before a certain threshold is met, dividing the account during a divorce may be difficult. However, in many jurisdictions, a qualified domestic relations order might be used to divide the asset while avoiding unnecessary tax penalties.
Divorce can often be complex, emotionally intense and costly. Many couples seek to make the process easier by engaging in collaborative family law. According to Ohio statutes, collaborative family law is a process by which two spouses attempt to reach a dissolution of their marriage without bringing the matter to court. It often involves the two sides, along with their lawyers, sitting down together and having a civil and professional negotiation. A mediator is sometimes used to help the two sides reach agreement.
We are a pet-loving society. Americans owned 83.3 million dogs and 95.6 million cats in 2012, according to The Humane Society and the American Pet Products Association. Ohio and other pet owners nationwide paid $50 billion dollars for pet products the same year.
It's much easier for some engaged Ohio couples to discuss wedding plans and honeymoons than it is to have a heart-to-heart talk about money. Many couples assume love is the only requirement needed to wed. While that may or may not be true for marriage, there's a lot more than emotions involved during divorce.
Spouses' feelings often don't remain static during a marital breakup. The initial knowledge or announcement of divorce can be met by an emotional tsunami. The urge to threaten or exact vengeance may be among thoughts on either side of a divorce.