Ohio property division a challenge for some empty-nesters

| Nov 14, 2012 | Property Division |

The issues facing couples that are considering a divorce in Ohio may be different for those with young kids as opposed to those who kids are grown. With younger families, couples must often consider child custody and support questions. However, for empty nesters the discussions often center around property division in a divorce.

For couples who have had long-term marriages, there may be large amount of assets to consider. For example, in many cases in a divorce in Ohio and elsewhere, it is common for the mother of small children to wish to remain in the family home after a divorce. However, for older couples, a sale of the family home could free up needed cash to assist in the maintenance of separate homes after the dissolution.

In addition, older couples often find it important to negotiate a property division that includes investments and retirement accounts. Some find that dividing an IRA or 401K can be made easier through negotiation. Pensions may require additional paperwork but the income could be important to a spouse without employment options, such as a former stay-at-home mother.

The reasons that couples in our state seek a divorce are many. In cases where the division of property involves large assets, the need to negotiate may require that couples deal with contentious matters. If a couple is unable to come to an agreement as to property division, a court can be asked to make the determination as the divorce process continues. In the end, it is the court that must approve any final arrangement for couples regardless of their age or length of marriage.

Source: lifegoesstrong.com, “Divorce Rights: Parents, Grown Children and Divorce,” Nov. 2, 2012

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