Common Financial Issues in a Divorce

Every Ohio divorce case is different, but a primary component of the process for both parties is sorting out the financial rights and obligations they have incurred over the course of their marriage. Whether you were together for a few years or several decades, the spouses’ ownership interests in income, assets, and debts become intertwined in ways you may not expect. Ohio divorce laws provide details on handling financial issues, which will result in establishing two separate individuals from one legal, marital relationship when the case concludes.

However, the process for separating your interests can be challenging. The statutes and legal requirements are complicated, and the stakes are high when the parties focus on the dollar signs. It is reassuring to know that there are strategies for resolving common financial issues in a divorce, and you are in a better position to leverage them when you have a knowledgeable Ohio divorce lawyer on your side. You might also benefit from reviewing some basics.

Common Financial Issues in a Divorce

Whenever going through dissolution of marriage proceedings, many parties will be forced to address:

• Property Division: Ohio is an equitable distribution state for purposes of divvying up assets and debts. The initial step is classifying assets as separate or marital, since only items acquired during the marriage are subject to split. Marital property is divided according to the interests of fairness.
• Alimony: Either party can request spousal support, and a judge will often award it where necessary to even the financial playing field between the parties. To determine the type and amount, a court will consider the duration of the marriage, contributions by each party, their relative earning capacities, and other factors.
• Child Support: The parent with primary residential custody of minor children is entitled to financial contributions from the other parent. Ohio applies child support guidelines to calculate the amount, which take into account parents’ incomes and the number of children in need of support.

Options for Resolving Financial Matters

Not all disputes must go before a judge, and there are numerous benefits to working out financial issues by agreement. It may be possible to negotiate settlement, but mediation may be an option if there are outstanding disputes. With this process, a trained mediator guides the parties in discussing ways to resolve financial conflicts.

When disagreements about finances remain, you will have to go to court for a contested hearing. This proceeding is similar to a trial, where both sides present exhibits, testimony, and arguments to support their positions. The judge will apply the laws and legal concepts to the facts, so the parties have less control over the outcome as compared to an agreed-upon negotiated settlement resolution.

Discuss Financial Issues with a Skilled Ohio Divorce Attorney

This summary of common financial issues in a divorce is helpful for knowing what to expect, but the information should also convince you that retaining an experienced lawyer is a priority. For personalized details on how the laws affect your case, please contact the Fout Law Office, LLC. We can schedule a consultation to learn more about your circumstances.