When couples decide to end a long-term marriage, the challenges they may face often extend far beyond the emotional toll. Divorces in these cases can involve complex legal and financial considerations requiring careful navigation. At the Comunale Law Office, we understand the challenges that come with dissolving a long-term marriage. Our experienced attorneys are dedicated to helping you secure a stable foundation for your future.
Here, we’ll explore the reasons why divorces in long-term marriages tend to be more complicated and why having skilled legal representation can make a significant difference.
The Financial Complexity of Long-term Marriages
Accumulated Assets and Property Division
Over the course of a long marriage, couples typically accumulate a variety of assets—homes, savings accounts, retirement funds and even businesses. Determining how to divide these assets fairly can be complex. Ohio is an equitable division state, meaning assets are divided fairly, but not necessarily evenly. This becomes especially intricate when assets are commingled, such as investments or accounts opened during the marriage.
Additionally, retirement accounts and pensions, which are often significant in long-term marriages, require precise calculations. Navigating these details without an attorney can be overwhelming.
Shared Investments and Hidden Assets
Long-term marriages often involve more extensive shared investments, ranging from real estate to stocks and other financial instruments. Tracking and valuing these investments to ensure fairness can be difficult, particularly if one spouse handled the finances while the other did not. Hidden assets can also become an issue in contentious divorces, necessitating financial investigations and subpoenas, which a skilled attorney can manage.
Spousal Support Considerations
Another key issue in long-term divorces is spousal support, also known as alimony in other states. One spouse may have sacrificed their career to raise children or manage the household full-time. When there is a significant income disparity, spousal support often comes into play to bridge the gap. Ohio courts consider factors like the length of the marriage and each spouse’s ability to earn income when determining support arrangements. An experienced attorney can build a strong case to determine whether the spousal support arrangement is fair and aligns with your needs.
Dividing Retirement Accounts
One of the most critical aspects of divorce in long-term marriages involves retirement plans. Dividing a pension or 401(k) isn’t as simple as splitting a checking account. These plans often require qualified domestic relations orders (QDROs) to enable proper division without triggering tax penalties. Without skilled legal assistance, these technical details can result in costly mistakes.
Addressing Long-term Financial Needs
With many couples nearing or already in retirement age during a divorce, creating a financial plan for the next stage of life is crucial. Whether it’s ensuring access to benefits, negotiating for health insurance coverage or securing stable housing, a thoughtful, long-term approach is essential. At the Comunale Law Office, we partner with clients to develop a legal strategy supporting their financial independence post-divorce.
Why You Need Lawyers You Can Trust
Divorce is rarely simple, but long-term marriages bring distinct challenges that call for experienced and knowledgeable legal guidance. At the Comunale Law Office, we take a personalized approach to every case, delivering the focused attention and advice you deserve. Whether you’re concerned about protecting your financial future or navigating spousal support, we’re here to help you build the best foundation for your next chapter. Contact us today to discuss your legal matter.
