Student loan debt is a major issue for many people in Ohio. The cost of college attendance has gone up dramatically in recent decades, and many reports have covered young people delaying marriage, children or home-buying due to their large student loan burden. Divorce can be a financial challenge for people in any situation; the long-term effects of divorce can linger for years after the practical and romantic issues have been wrapped up. As a result, many people may be concerned about how student loans will be dealt with when property is divided in a divorce.
A divorce may have a variety of impacts on a business owner. This is partially because a company may represent an Ohio resident's biggest asset and primary source of income. During divorce settlement talks, how to divide assets and determine how much a person makes are often major points of contention. In some cases, it can be hard to differentiate between personal and corporate assets because of the company's size and ownership structure.
One of the benefits of marriage in Ohio is the ability to collect spousal Social Security benefits. Even when one spouse earns little or no income, they could still potentially collect up to 50% of their significant other's full benefits if they qualify for Social Security. However, benefits aren't necessarily lost just because a marriage ends.
When people in Ohio get divorced, they may need to address issues pertaining to both health insurance and life insurance. In many couples, one person has the family on an employer-sponsored health insurance plan. This means that after a divorce, a person may need to look into coverage from COBRA or another plan.
When parents in Ohio get a divorce, they may negotiate an agreement for child support. If they are unable to agree, a judge could decide what the amount will be. In general, child support takes income and other factors into account, such as how much each parent contributes to the child's health care. However, there are a few general principles parents should keep in mind when considering child support.
Many Ohio couples going through divorce face complicated questions about how to handle the marital home. This is often one of the largest and most sentimental assets involved in the property division process. In some cases, the spouses decide to sell the home and divide the proceeds as part of the divorce settlement. However, in other cases, they reach an agreement for one spouse to keep the home in exchange for other marital property.
In 2017, the divorce rate is Ohio was 2.9 per 1,000 residents, which was the 19th lowest in the nation. In that same year, the marriage rate was 5.8 per 1,000 residents, which was 10th lowest in the United States. Overall, 48.1 percent of the state was married in that year, making it number 33 in the country.