Ohio Divorce Impacts Benefits
An Ohio divorce impacts benefits in many ways. Benefits can be preserved while the divorce is pending. Rights to benefits can either be awarded or denied after the divorce is finalized. When a divorce is filed, most domestic relations courts in Ohio automatically issue retraining orders. These restraining orders prohibit the parties from selling assets or destroying assets, and from cancelling benefits. This means neither party can remove the other from any insurance coverage, including health insurance.
Ohio Divorce Impacts Benefits Such As Health Insurance
Once a divorce is finalized, some benefits stop, some automatically continue while others may be specifically awarded by the Ohio divorce court. In other words, Ohio divorce impacts benefits. Divorce is a qualifying event for termination of health insurance for the other spouse. However, the employer providing health insurance must notify the employee’s ex-spouse of COBRA coverage within thirty days of the termination of benefits. The former spouse can elect to use COBRA coverage for up to 36 months, but such places are expensive.
Ohio Divorce Impacts Retirement Benefits
A qualified domestic relations order (QDRO) is required ERISA qualified retirement plans. Transfers through QDRO are initially tax and penalty free as long as they are transferred to another qualified retirement account. While cashing out IRA and 401(k) funds prior to age 59 ½ years of age usually results in a 10% penalty, there are ways to avoid this penalty with a QDRO.
As long as the parties were married at least ten years, a spouse is entitled to their former spouse’s social security benefits. These individuals can choose between: (1) one’s earned benefits in the social security system; (2) a former spouse’s benefits; or (3) the spousal benefits from their current spouse. Electing a spousal benefit does not affect the benefits of the person who earned the benefits.
Articles Related To Ohio Divorce Impacts Benefits
Click on any of the following links to read more about how divorce impacts benefits in Ohio: Filing tax returns during a pending divorce; When does spousal support end; Dividing retirement benefits in divorce; How does private health insurance affect child support; State medical insurance may have to be reimbursed through child support.
Call To Talk To A Medina County Divorce Attorney Today
Attorney Gigiano is a Wadsworth family law lawyer in Medina County. Call Attorney Gigiano at 330-336-3330 if you need the services of a Wooster family law lawyer near Orrville, or an Akron family law lawyer near Barberton.
