Dublin Ohio Family Law Blog

Co-parenting tips to keep you focused after divorce

If you have children under the age of 18 with your ex-spouse, there's a good chance co-parenting is a big part of your life in Columbus. Although it's challenging at times, with good coordination and the right approach, you can get along with your ex to provide your children with stability.

If your ex-spouse is making co-parenting difficult, such as by violating a court-approved child custody agreement, learn more about your legal rights and the steps you can take to get back on track. 

    Implication of divorce on children's summer vacations

    May is here and that means school vacations are coming. This can be a challenging tome for divorced families in Ohio with young children as summer vacation plans take shape. Even an amicable divorce can be a challenge when children are involved, even when both parents want to act in the best interest of the child. And it is now widely held that both parents remaining as involved as possible in the child's life is the preferred scenario.

    Summer vacations are a time for travel and exploration with one's children. This sometimes involves international travel. When parents are divorced the parameters around international travel are typically governed by the parenting plan included in the judgment of divorce. In a joint custody situation, decisions must be agreed on by both parties. This can be a detriment to spontaneous traveling, but proper planning can enable one to enjoy a carefree vacation with one's child.

    How might a legal separation be beneficial?

    If you and your spouse have been experiencing marital troubles for a long time, you might feel like your relationship is stuck in a rut. You may be having the same arguments over and over, but you may feel unsure if ending your marriage is really the best remedy.

    If you know something in your marriage needs to change, you may be investigating what options are available to help change your situation. Divorce and dissolution of marriage are two ways you can try to end your marriage. However, if you are not sure if you want to permanently end your marriage, a legal separation might be a better option for you.

    High-asset divorce as a business negotiation

    Divorce can be a complicated process regardless of the amount of property to be divided between the two parties in Ohio. But when a large amount of wealth is involved, it can be even more complex, especially in the wake of the new tax law that is now fully in force. A high-asset divorce can be impacted in many ways. One of the issues most affected is that of alimony.

    The person paying alimony is now the person paying taxes on the amount, as it is no longer a deductible item. This affects the amount of money available for alimony, as the tax burden reduces the payor's income. There may be steps that can be taken to improve the financial picture for both parties. One such step is setting up a trust from which an amount equivalent to the agreed-upon alimony can be paid.

    Divorce and children's education

    Typically, couples do not enter into marriage and begin a family with the goal of getting divorced later on. Most parents in Ohio and elsewhere believe they will be together for the long haul and be there for their children. While the divorce rate is dropping, almost 50 percent of marriages still end in divorce.

    Studies have shown that children of divorce do not always fare as well in their education as those from stable families. A recent study showed that this is particularly true where divorce might not have been expected. Children from stable home environments where divorce came as a surprise did not perform as well in school as children from struggling families.

    Bitcoin is a new player in divorce

    Divorce is difficult and financial matters can make it harder. Most people are familiar with the kinds of struggles one can have over retirement accounts, investment portfolios, real estate and other financial concerns, but now there is a new contender on the block, cryptocurrency. One of the most popular forms of cryptocurrency is known as bitcoin. The newcomer has introduced a new element of difficulty into divorce in Ohio.

    Cryptocurrency is what it sounds like -- it's virtual currency that exists online and is traded on a virtual market known as a blockchain. Privacy is maintained via a public and private key that makes each transaction traceable to a single person. Last year, roughly 5 percent of the American population held any bitcoin, but as the popularity rises so will the holdings.

    Divorce, children and the new tax law

    Tax season is once again in full swing, and there are many questions in light of the new tax law that became fully applicable on January 1. For couples who are considering divorce or separation in Ohio and have young children, one of those questions may be regarding who would get to claim the children as dependents on one's tax return. There are a few factors to consider, and changes to the law that can determine the answer.

    The Tax Cuts and Jobs Act, as the law is known, did away with the personal exemption starting in 2018. The personal exemption allowed a person to deduct from his or her adjusted gross income an amount for each dependent a person could claim. While that is no longer the case, the Child Tax Credit has been doubled from $1,000 to $2,000.

    Divorce and implications of the new tax law

    Happy smiling Ohio couples walk down the aisle to marry, say their vows and walk back along the same aisle expecting to begin a long and happy life together. In many instances this happens, but in many others it does not. Many marriages still end in divorce, and as another tax season has begun with new tax laws that affect the finances of a divorce, it may be beneficial to review the implications of the law on current tax filings.

    The timing of the divorce or separation is important. A couple's marital status, for the purposes of the IRS, is determined by whether they were married on Dec. 31. This is important because of how alimony is treated under the new law as of Jan. 1, 2019. If the divorce was finalized by Dec. 31 and alimony is part of the settlement, alimony will be deductible for the payor and taxable to the payee.

    Protecting assets in case of a high-asset divorce

    America was built on entrepreneurial spirit by people setting out for the new world with the intent of building a new and independent life. That spirit exists today with new businesses coming into existence in Ohio and around the country on an almost daily basis. Few will have the success that Amazon enjoys, a company founded by a married couple who are now involved in a very high-asset divorce. The company was founded after they married and, as such, can be considered community property. How can the value of the property be protected?

    Pre-nuptial agreements are becoming more popular as couples consider the importance of protecting property acquired before or during a marriage. It is widely believed that the Bezos', the founders of Amazon, did not have one. The idea for Amazon came after they were married, and they probably didn't foresee the success that Amazon would become. As they are now preparing to divorce, it is possible that Jeff Bezos' share of the company will be cut in half.

    Parenting coordination can facilitate child-focused resolutions

    Many divorced parents in Ohio benefit from parenting coordination. Not to be confused with co-parenting, parenting coordination is a child-focused dispute resolution process that can be ordered by a court or requested by one or both parents.

    During the parenting coordination process, parents work with a qualified coordinator to resolve many types of conflicts that can arise regarding the implementation of court-ordered custody arrangements, parenting schedules or parenting responsibilities. The coordinator is a neutral party appointed by the court, and the coordination process may include an assessment, education, case management, conflict management, coaching or decision-making.

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    Kemp Law Group, LLC

    Kemp Law Group, LLC
    555 Metro Place North
    Suite 300
    Dublin, OH 43017

    Phone: 614-389-1991
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