Child or spousal support may be a concern when you file for divorce if you have minor children or a financially dependent spouse. Support orders are often an important part of a divorce, as they provide the custodial parent or dependent spouse with crucial financial support to balance their budget.
In Ohio, the process of setting an amount for support typically involves a review of the finances of both spouses. Information about special circumstances, like medical conditions or children with special needs can also affect how much support the courts deem is appropriate or how long it should last.
You probably already realized that the courts will look at your employment income when setting a support obligation. If you run a small business, for example, the revenue you receive from the company will influence how much support you have to pay. What about other types of income, like that coming from investments? Will returns on your personal investments change how much you have to pay in spousal or child support?
Any received income could influence your obligations
When people talk about “income” from investments, they may be referring to capital gains earned from selling an investment or dividends paid out to those who have invested in a business. In either case, that investment income should be part of the disclosure about your finances that you make to the courts when you divorce.
While non-recurring income from the sale of stocks may have very little effect on your support obligations, recurring dividends that you regularly receive from an investment could have a strong impact on what the courts think you should pay. Generally speaking, all income might impact what the courts think you are capable of paying and what a reasonable amount of support is for the other people in your family.
Complex assets require careful planning
Divorcing when you have complex assets like a business or investments requires learning about relevant laws and careful planning. Those involved in financially complicated divorces can minimize their risk with the right strategy.
Planning ahead when you must divide complex assets or arrange support for your spouse or children in a pending Ohio divorce will help you protect your own interests while still meeting your obligations to others.