Dublin Ohio Family Law Blog

High-asset divorce without a prenup can be costly

Couples heading to matrimony are sometimes advised by well-meaning friends and family to get a prenup. Some may argue they have no intention of ever divorcing, or one may feel there are not enough assets to make a prenup worthwhile. These are just some of the reasons given by people who do not have prenuptial agreements in  Ohio. However, one's financial status at the time of a marriage does not preclude the possibility of a high-asset divorce later in life.

Jeff Bezos was one of those who married without having a prenuptial agreement. When he married he had not yet created the company called Amazon. Jeff Bezos is, according to Forbes Magazine, the wealthiest man on the planet. He owns about 16.2 percent of the shares of Amazon with an approximate value of $130 billion. He also owns The Washington Post.

2019 tax law changes can add to stress of divorce

The new year has arrived, and many changes from the tax law passed last year will have an impact on divorces occurring in 2019. Divorce is not an easy process in Ohio. It can be very emotional and stressful to family relationships, and involve copious paperwork. The division of property and other assets can also be difficult. The changes brought on by the tax law could add to the stress.

The changes to alimony are significant. Alimony used to be deductible for the payor and taxable for the recipient. Now, the payor can no longer deduct it, and the recipient does not pay tax on it. While this change does not impact divorces previously settled, if the settlements are modified, they could be subject to the new law.

High-asset divorce can take time

Divorce in Ohio is seldom entered into lightly. When significant time has been put into a marriage, there may also be significant assets involved. Dividing these assets can be complicated and time-consuming. This is the situation occurring in a high-asset divorce in another state involving a fortune worth more than $2 billion.

A couple are divorcing after being married for 58 years. The judge in the divorce case has ordered that the couple's fortune be split into two nearly equal parts. Achieving that goal may involve the auction of some priceless art. The judge ordered that some of the art be sold as the couple could not agree on the art's value. The works to be sold include pieces by Andy Warhol and the sculptor Alberto Giacometti.

Legal separation may pave the way to save a marriage

Marriages, even good marriages, experience ups and downs. Some couples experiencing a down period that could end in divorce may decide to try a legal separation in Ohio to give them space to see if the marriage can be saved. While a legal separation is not as final as a divorce, there are still formal steps that should be taken to protect the individuals involved.

If one anticipates that the separation will last for a few months or more, there are financial considerations that need to be addressed. It is important to maintain or establish a good credit rating. It is a good idea to have one's own credit card and establish a credit history with it. Also, it's important to be aware of joint finances and to have an understanding of how they will be handled during a separation.

Divorce or dissolution of marriage?

Ending a marriage can be a complex and emotional process. In Ohio, couples wanting to end their marriage have two options – divorce or dissolution of marriage.

Both a complaint for divorce and a petition for dissolution of marriage are methods to terminate your relationship, but there are clear differences between the two. Knowing the distinction between them can help you determine which method might work for you.

Divorce need not spell financial doom

Deciding to end a marriage in Ohio is seldom a decision that is made lightly. While there are many concerns that go into arriving at the decision, financial concerns may be chief among them. While it can be difficult, a divorce doesn't have to spell doom for one's financial future. How assets are distributed can help to determine one's stability moving forward. Chief among these is how 401(k) accounts are divided.

Ohio is an equitable distribution state as opposed to a community property state. In a community property state assets acquired after marriage are considered owned equally by the parties and thus usually divided in that manner; in an equitable distribution state the division of assets is meant to be fair, though not necessarily equal. The variables in making that determination may include the length of the marriage, financial situation of each partner and the size of the 401(k) account. Once an amount is established, a Qualified Domestic Relations Order (QDRO) must be obtained and given to the plan administrator. This form, which can be complicated, allows the funds to be moved without incurring any tax liability or early withdrawal penalties.

Watch out for critical issues during a gray divorce

Divorce happens at various stages in life. It's a difficult, painful and complicated process. Choosing to separate after a long-term marriage is oftentimes the right decision for couples, but people have their fair share of worries.

Divorce later in life presents unique challenges. The longer the marriage, the more complex the issues.

Divorce does not have to mean unequal parenting

Not every marriage in Ohio and across the country endure over the long term. Some statistics suggest that an many as 50 percent of marriages end in divorce. This leads to another more disturbing statistic, that over one million children a year become children of divorce. It is now widely believed that staying together for the sake of the children is not a good idea, but how divorced parents handle parenting post-divorce can be critical to how well children deal with the new family dynamic.

Co-parenting is a term heard more and more as parents try to deal with the new reality of parenting as separate but equal partners. While custodial parent arrangements still exist in many circumstances, where one parent has physical custody and primary care responsibilities, co-parenting is on the rise as parents recognize the value and importance of remaining involved in their children's lives. For co-parenting to be successful, the focus should be on the child or children and not on the prior relationship.

Understanding the basics of dividing property in an Ohio divorce

Dividing your property can be one of the most difficult aspects of a divorce. Not only can it be upsetting to divide your property with your soon-to-be ex, it can also be very complicated to understand how to do it. 

In this post, we will explain some of the basic elements of how property division works in Ohio and what you can expect from the process.

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Kemp Law Group, LLC

Kemp Law Group, LLC
555 Metro Place North
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Dublin, OH 43017

Phone: 614-389-1991
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