Divorce happens at various stages in life. It’s a difficult, painful and complicated process. Choosing to separate after a long-term marriage is oftentimes the right decision for couples, but people have their fair share of worries.
Divorce later in life presents unique challenges. The longer the marriage, the more complex the issues.
- Alimony: You or your spouse will most likely be paying alimony. Determining the amount of the alimony is a complexity in itself. If your spouse brings a majority – or all – of the income, their probably late in their career. You will need to consider various finances before making a decision. Alimony is not just calculated from their base salary. Other items to look at include bonuses, travel perks and ownership stakes.
- Property division: Ohio is an equitable distribution state, which means marital property is divided equitably between spouses in a divorce. However, many factors go into deciding how assets are split. Distribution doesn’t always go 50/50. It takes a lengthy period of time to balance out all the finances. The divorce may negatively impact one spouse more than the other. In response, the court will attempt to lower that financial pain.
- Retirement accounts: Pension plans and 401(k)s are last on the list, but extremely important. If your spouse works for the government, odds are they are enrolled in a pension plan. Unlike an IRA or 401(k), a pension is not an account you can pull funds out of prematurely. This can be a complicated dilemma.
Every divorce brings a distinctive set of circumstances to the table. The process of division can be tolling. While each spouse is entitled to property and other assets, one may feel like they didn’t receive enough.
Additionally, many long-term marriages come with children. They will need proper provisions, as well. Who will pay for college? Who will pay child support? These are all major questions. Experienced legal counsel is necessary when a divorce holds so much on the line.