Dublin Ohio Family Law Blog

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.

Since the moment you decided that your marriage was no longer viable, you've likely had a million thoughts running through your mind, especially regarding your children. Divorce can be one of the most stressful, challenging situations an Ohio family can experience. By accessing available resources, though, many spouses are able to achieve fair settlements, as well as provide their children with ample support to help them cope with change and adapt to a new lifestyle.

A main priority in most divorces involving children concerns a co-parenting plan. You'll need one. The court typically makes decisions regarding custody, visitation and child support on a case-by-case basis, which is good news because it means you are able to customize your plan with your children's best interests in mind. In fact, you and your spouse may be able to write the terms of your own agreement, then simply seek the court's approval.

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.

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.