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How to Protect Your Retirement Assets in a Divorce

Posted Date:March 19, 2015 | Categories: Divorce and Dissolution

Retirement Assets in a Divorce

In any divorce, finances and property division can get ugly—especially if one person makes more than the other. It’s risky to assume your retirement assets are secure when you divorce, and you won’t realize how much you stand to lose until it’s too late. Central Ohio divorce lawyers can advise you on what to do when it comes to protecting your retirement assets. However, there are steps you can take to help secure your retirement assets during a divorce.

Know Ohio’s Divorce Law Regarding Property

All states have different laws regarding property during a divorce. For Ohio divorce law, most property falls below “equitable distribution of property,” which means any funds received during the marriage by either spouse are subject to equitable division. However, according to Ohio law, specific property not subject to division includes:

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What Are the Rights and Benefits of Former Military Spouses?

Posted Date:March 5, 2015 | Categories: Divorce and Dissolution

Benefits of Former Military Spouses

Divorce is a stressful and complicated time for anyone, but it can be a particularly trying experience for military spouses, who are often stationed far away from their friends and loved ones while facing divorce proceedings. Military divorces pose unique issues. Many spouses divorcing a service member are concerned about whether the benefits they enjoy as military spouses will continue after their divorce.

The law typically allows for a military divorce to be filed in the state where either the husband or wife has legal residence. This generally means that the person who started the divorce files in the state where he or she is a resident. It’s important to bear in mind that the state where a military member resides has the ability to divide the military pension in a divorce. Therefore, if you file for divorce in a state that isn’t the state of residence of the military member, then the court may not be able to divide the pension.

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The Difference Between an Annulment and a Divorce in Ohio

Posted Date:February 26, 2015 | Categories: Divorce and Dissolution

Annulment and a Divorce in Ohio

A divorce is a court agreement that a marriage is legally over. The court will only enter a judgment of divorce if it finds that certain grounds for divorce exist. “No-fault” grounds for divorce include incompatibility or living separate and apart for a year. “Fault” grounds for divorce include bigamy, adultery, willful absence for one year, gross neglect of duty, etc. Divorce is not the only way to end a marriage in Ohio, however. You can also terminate a marriage through annulment.

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Tips for Preparing for a High Net Worth Divorce in Ohio

Posted Date:February 24, 2015 | Categories: Divorce and Dissolution, Spousal Support

High Net Worth Divorce in Ohio

Divorce is often a delicate and painful issue for all involved. If one or both parties in a divorce have a high net worth, dividing the marital estate can be even more complicated. It’s not uncommon for high net worth individuals to feel overwhelmed during the divorce process because there is so much at stake and emotions are running high.

High net worth divorce cases require more expertise than typical divorce cases because there may be an ownership interest in a business, an extensive investment portfolio, inheritances, or other complications. High net worth divorce attorneys must work closely with accountants, actuaries, business appraisers, and real estate appraisers to assess your case and provide an objective analysis.

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How to Avoid a Messy, Bitter Divorce

Posted Date:February 3, 2015 | Categories: Divorce and Dissolution

Messy Bitter Divorce Ohio

Whether married for 1 year or 20, divorce can be both emotionally taxing and physically draining.  Many couples say the hardest part of the divorce is parting with someone they thought was a best friend, and often become bitter and angry with a former spouse.  If you properly prepare for divorce with a family law and divorce attorney, you can often avoid some situations that lead to bitter and messy divorces.   Take a look at a few tips to keep a divorce or legal separation from turning into a bitter battle. 

  1. Communication

  While one of the main causes for divorce is a lack of communication and many have learned to expect the silent treatment from their soon to be ex-spouse, communication is still important during the divorce process.  This is especially true if there are children involved, and they can often feel unloved or ignored during the process.  As long as you and your spouse maintain communication with your child, you have one less thing to fight about and can move on with the help of a divorce attorney. 

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Consequences of Not Paying Child Support in Ohio

Posted Date:January 22, 2015 | Categories: Child Support, Divorce and Dissolution

Child Support in Ohio

Divorce is a challenging financial time, especially for those spouses who depend on continued child support payments from the non-custodial parent to provide for children of the marriage.  When the spouse ordered to pay child support fails to provide those payments, it can cause a financial strain and may harm the fragile relationship between children and their divorced parents.  Rather than worry whether or not you will receive payments, learn more about how Ohio courts will protect parents awarded custody and child support payments. 

In Ohio, failure to pay court-ordered child support payments result in multiple types of punishment.  Divorce decrees and child support orders are court orders.  Any breach of a court order is addressed as a serious matter.  If the child support-paying parent fails to make payments, the spouse who is denied these payments can petition the court for redress of his or her grievances.  One of the most common methods of extracting child support payments from an unwilling parent is to garnish wages.  In addition, the court can also enforce the previously ordered payments by suspending driving privileges, intercepting tax refunds, or assessing a property lien.  Work with a Columbus, Ohio child support lawyer to better understand which option will work best for your situation and what payment type you should request from the court. 

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Should You Hire Your Own Private Divorce Judge ?

Posted Date:January 20, 2015 | Categories: Divorce and Dissolution

Private Divorce Judge Columbus

Divorce can be time-consuming and expensive.  With the numerous visits to the court, time away from other commitments, and expense of trial, many are turning toward private judges or arbitrators.  In some instances, it may be favorable to work with a private judge or arbitrator to avoid the public setting of the courthouse and to save time.  An Ohio statute has been on the books for nearly 40 years which allows private judges to handle civil cases like divorce and dissolution.  Work with a Columbus, Ohio divorce lawyer to learn if hiring a private judge is beneficial to your specific situation. 

You have the right to utilize a private judge or arbitrator when seeking a divorce.  This is especially beneficial if you and your spouse have very few contested matters and hope to keep the divorce a private matter.  Uncontested divorces are often heard and decided in a fraction of the time that would be needed for a contested divorce in the court system.  As in any arbitration case, the private judge or arbitrator will hear both sides of the civil matter, and present a decision to the parties.  The decision will then be submitted to the court for confirmation.  Again, this process is much faster than seeking divorce through the court system. 

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Protecting Your Inheritance from Divorce

Posted Date:January 13, 2015 | Categories: Divorce and Dissolution, Spousal Support

Inheritance from Divorce

Filing for divorce is never simple, especially when it comes to dividing marital assets.  Many are especially fearful of receiving any type of inheritance before or during the marriage.   Inheritance can take the form of a large cash payment, a house, or even a vehicle.  The way divorce attorneys and courts will treat these types of assets during divorce proceedings depends on how they were treated when received.  Rather than fret whether or not the funds can be included in the marital assets, review your presumed marital assets and individual assets with a divorce attorney in Columbus, Ohio. 

Marital property and individual property are treated differently in divorce, and thus must be accurately accounted for before dividing the assets.  Martial property is that which is acquired during the course of the marriage for the benefit of both spouses.  This can include vacation homes, marital homes, and any other property or asset purchased with joint funds.  Individual property includes the items owned by one spouse before the marriage, like a property purchased with individual funds before the marriage began, or any gifts given to one spouse and not the other.  Inheritance can fall into this category of individual property, as long as the inheriting spouse keeps the funds separate and doesn’t co-mingle the funds with marital funds. 

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9 Critical Steps to Take When Preparing for a Divorce

Posted Date:December 31, 2014 | Categories: Divorce and Dissolution

Preparing for a Divorce Ohio

Change is never easy, and it is especially difficult to change your way of life after many years of marriage.  Often when we have a major life change such as a wedding, the birth of a child, or the loss of a loved one, we all wish we could have done more to prepare.  Preparing for a divorce is no different.  Many who have finalized a divorce decree are left with the “now what” feeling when not prepared.  Read on to learn the 8 critical steps to take when preparing for divorce

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Tax Planning and Tips for the Divorced and Newly Divorced

Posted Date:December 10, 2014 | Categories: Divorce and Dissolution

Ohio Tax Planning Divorced

Taxes can be daunting, no matter the situation.  Some spouses file joint tax returns and have never had a need to review investments or other tax concerns with the other spouse.  However if you find yourself newly divorced and preparing your tax returns individually, there are a few things you should note. Whether it is the filing status, allowable deductions, or who gets to claim children of the marriage as dependents, filing individually can be a real challenge.  Rather than go through this process alone, work with an experienced Columbus, Ohio divorce lawyer so you understand the future tax implications of your divorce settlement.  Below you will find useful tips to help you navigate the newly available benefits of filing as a divorcee. 

Income

Receiving a divorce decree that mandates spousal support payments may feel like punishment, but the tax code has built in some protection for those ordered to pay. If you are paying spousal support to your former spouse, the payments are made in pretax dollars, meaning you deduct the amount you pay in alimony before you calculate your adjusted gross income (AGI).  However if you are receiving spousal support, that is treated as income and is part of your tax liability.  This is something to consider if you are finalizing your divorce decree.  Will the receipt of spousal support be sufficient to offset any tax liability that you will have for the receipt of the funds?

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