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Attention to finances critical when settling a divorce

The dissolution of a marriage can quickly take a financial toll on an individual in Ohio. Fortunately, taking certain steps can help to minimize divorce's negative effects on a person's finances. Here is a glimpse at these steps and why they matter during a marital breakup.

For one, people who are getting divorced would be wise to ensure that they fully understand their finances. This includes understanding how much money they are bringing in each month versus how much they are spending. Scrutinizing and prioritizing their expenses is especially important because this will allow them to figure out which potential divorce settlements may work best for them based on their future budgetary needs.

Divorce and social media: Should you really post that?

Social media has become an entrenched part of our day-to-day routines. Wake up, send a birthday greeting on Facebook, scroll through Instagram, have breakfast and save a new recipe on Pinterest. It's only natural that couples would be tempted to discuss their divorce on social media, but should they?

Leading up to and throughout the divorce process, couples must take special consideration of what content they post and engage with online. Failing to do so could negatively impact your divorce settlement, and even your personal relationships.

Divorce may have emotional, financial effects

When people go through the dissolution of a marriage, they must unfortunately contend with the emotional and financial hurdles that come with it. This is true whether the marriage lasted for five years or 50 years. Here are some tips for dealing with these hurdles during the divorce process in Ohio.

As far as finances are concerned, seeking the assistance of a financial analyst may be a smart move at the start of the divorce process. Why? Because these individuals can offer invaluable advice regarding how to approach a property distribution division or alimony decision. These professionals may additionally help with making smart decisions from a tax standpoint.

When drug use impacts a child custody case

Drug use is more common than ever in many circles, especially when it comes to the opioid epidemic. The unfortunate reality is that these highly addictive drugs trap people in a cycle of abuse. Many never set out wanting to use drugs in the first place, but they got hooked on painkillers and could not shake it, no matter what they tried.

Drug use and addiction are two main reasons for divorce, both in Ohio and elsewhere in the United States. These are deep issues that can really impact a relationship. People often cannot break an addiction on their own, and so it can make a spouse feel like the only option they have is to move on from the relationship.

Tackling investments is an essential part of divorce process

Financial issues in marriages can unfortunately lead to the dissolutions of these marriages. At the same time, divorce can lead to more personal financial issues for those who are not prepared to manage their finances -- specifically, their investment accounts -- during and after the divorce process. Here is a glimpse at how those going through divorce in Ohio can protect their financial best interests after their breakups.

First, it is a wise move to master how to divide investment accounts that are taxable. For instance, with brokerage accounts that are jointly held, people who are getting divorced usually have to draft letters requesting that their joint accounts be closed. Then, they can open up separate accounts in their own names.

Certain factors are wise to consider prior to divorce

Many individuals in Ohio and elsewhere may be trying to decide when to finally call it quits in their marriages. One party may want to go ahead and get divorced, whereas the other party may want to try to make the marriage work first. Here is a look at a couple of essential factors to take into consideration before getting a divorce.

For starters, people may want to share with their spouses how unhappy they are before they simply serve them divorce papers. The reality is that married individuals simply cannot read the other person's mind. If unfulfilled spouses are open about their feelings, the other party may be able to address the issues causing their unhappiness, thus keeping the marriage intact. Otherwise, if the other party is not interested in tackling these issues, this is a sign that divorce may be necessary.

Divorce prep could lead to smooth marital breakup process

Sometimes the end of a marriage is unavoidable no matter how hard two spouses work to resolve their issues. However, it is possible to have a relatively smooth divorce proceeding. Here are a couple of tips that may make it easier for individuals in Ohio.

First, it is important for people going through divorce to analyze their finances carefully. This is critical because both marital assets and marital debts must be divided in an equitable manner, meaning that the distribution must be fair though it does not necessarily have to be equal. A divorce that starts out relatively amicable and straightforward can quickly become complicated if issues with the finances arise.

Marriage and divorce impacted by social media

Social media is playing an increasing role in people's lives, and marriage is no exception. In fact, according to researchers, social media is contributing to divorce, and it is also making divorce a bit more complicated compared with years past. Here is a look at how social media is impacting marital unions and marital dissolution cases across the United States, including in Ohio.

Researchers recently said that social media is negatively impacting marriages by creating unhealthy distractions. The more time that people spend on social media, the less likely they are to focus on activities that could help their marriages to remain strong. In some marriages, smart phone use has actually become a major source of conflict.

Putting children first when you get divorced

Deciding to get a divorce is not just something that changes your life, or even your spouse's life. As a parent, you know well that it is going to impact the kids. There is no way around that. This is something that is out of their control, but it still drastically alters home life as they know it.

That does not mean you should stay together for the kids, as some people try to do. For instance, you never want to stay in an abusive relationship just because you think splitting up may be tough on the children. It's far better to give them a safe, loving home where they don't have to worry about those things. And remember that abuse does not have to be physical. It could be emotional or financial.

High-earning couples may divorce to save money

Married couples in Ohio often break up because they cannot reconcile their differences. For instance, they may split up because they are at odds about the right approach to spending their household dollars. Still, in some situations, the desire to save money may actually be the reason why two people choose to get a divorce.

According to a new act in 2018, spouses who earn a high household income and file their tax returns jointly can expect to pay more in taxes compared with lower earners. Specifically, those who earn over $612,000 annually fall under the 37% income tax bracket. For this reason, high-earning couples may consider getting divorced to save money at tax time.

Rising Star Susan M. Suriano WBA OHIO Women's Bar Association Woman Lawyer of Franklin County Young Leaders of Licking County

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