1 > Social Security Benefits:
While Social Security benefits can't be divided in your divorce, there are rules that impact your benefits if your marriage has lasted 10 years or more. For example; if you are over the age of 62, you can collect post-divorce Social Security benefits on your former spouse’s record without reducing benefits to your former spouse. If your former spouse dies, you may also be entitled to survivor benefits.
2 > Retirement Accounts:
Careful financial planning decisions need to be made to ensure that you will be financially secure and able to enjoy your retirement. Retirement accounts are typically divided by a Qualified Domestic Relations Order (QDRO), which is a separate court order that covers the division of retirement benefits.
1 - Immediately close every joint account.
Since joint accounts are held by you and your spouse together, both of you are equally responsible for the debt, no matter how it is distributed in the divorce. "If an account is left open, your ex can add more debt, make a late payment, miss a payment or default, and you will also be held responsible," says Bill Hardekopf, a credit expert and CEO of LowCards.com. "The creditor reports account activity to the credit bureau in both of your names. This affects the personal credit score for both individuals."
2 - Notify your creditors of the upcoming divorce.
After you close any joint accounts, send a certified letter notifying your credit card companies, banks and other lenders about your divorce.
"Ask them to provide a current account statement and tell them that you do not intend to be held liable for any debt accumulated after the date of the written letter," Hardekopf says. "Request that they put the account on inactive status so no new additional charges may be added, and stipulate that once the balance is paid in full, the account is to be closed completely."
If your spouse is an authorized user on any of your individual accounts, or you're an authorized user on spouse's accounts, each of you should remove the other from the accounts. This will reduce the risk of either party racking up new, unauthorized debts. Again, revoke the authorization on the account via certified mail.
3. Get monthly statements
Have statements for remaining joint accounts mailed to you each month so you can monitor that payments are being made promptly. Why not just print them? Your spouse may change the passwords.
4. Don't fight tooth and nail for the house
A lot of times in divorce, especially for women, they want to stay in the marital home because that's where they've raised the kids and they have emotional attachment to the home. Be sure you can really afford the home because it's often more of a liability than an asset.
5. Keep your address up to date
Submit a change of address card at the post office or update it online at usps.com. Don't miss a payment on a credit account because you forgot about the bill or your ex didn't let you know the mail was just sitting there in your former home.
6. Avoid revenge shopping
Sadly, some people going through divorce try to get back at a soon-to-be ex-spouse or a former mate by going on big shopping binges. It's almost always a bad move. Maintain your normal, current spending habits and not to let debt spin out of control. Even though it oftentimes would be considered a marital debt, a judge may order the spouse who wasted the money to assume that debt.
Keep your estate planning documents up to date,
Whether your divorce is recent or in-process, if you haven’t modified your estate plan, it is time to consult a lawyer and get it done.
Ohio Legal Separation:
A legal separation in Ohio does not end the marriage. We file for a legal separation with the Court of Common Pleas for your county. Whether or not you are legally separated from your spouse may impact the division of property, finances & debts.
Grounds for Divorce/Fault | No Fault:
Ohio allows no-fault divorce actions when the spouses have been separated for a year without cohabitation. Your grounds (reasons) for wanting a divorce are set out in a document called a "complaint" that you must file with the Court of Common Pleas for your county. Once the judgment for your divorce is granted (i.e. the judge approves your divorce), you will become an unmarried person again.
Appropriate grounds for divorce in Ohio are:
Residency/Where to File for Divorce:
One of the parties to the marriage must have been an Ohio resident for 6 months preceding the filing. We will file paperwork with the Court of Common Pleas of the county where you or your ex-spouse resides.
If your pets are AKC registered, make sure you look at their papers to see whose name(s) are listed as the owners. Double check the vet records to make sure that you’re also on the contact list. For that matter, make sure that you have copies of their vaccinations, and their Microchip ID numbers. If you bought the pets prior to marriage, find copies of the receipts, the source of the funds, and any other documentation that proves you are the legal owner.
Q: What are divorce"fault grounds"?
A: Fault grounds are legally acceptable reasons why one spouse asks for a divorce. These fault grounds, by law, include willful absence for more than one year, adultery, habitual drunkenness, gross neglect of duty, extreme cruelty, contract, imprisonment in a state/federal penal institution, and procuring a divorce outside this state if the Ohio spouse is still bound to the marriage. In order for the divorce to be granted, however, requires that the testimony of the complaining party is supported by a witness.
Q: What happens in my divorce proceeding?
A: Your divorce proceeding begins by filing a complaint. Following this, the divorce "papers" are served to the other party, but the divorce cannot be granted for a minimum of 6 weeks after the other party is legally notified. This six-week period allows the parties to reconsider the termination of their marriage.
A party to a divorce may request the court to grant temporary orders while the case is pending. The goal of temporary orders is to preserve the family's status quo, both financially and regarding responsibilities to any minor or handicapped children. Often, there is insufficient income to support separate households. A temporary order may designate residential parent and allocate parental rights and responsibilities of minor children, child support, spousal support, and payment of legal fees.