The ticking alimony and tax clock

People in Ohio who have agreed to end their marriage quickly learn how complex the process of getting to a final divorce agreement can be and why it often takes more time than they expected to complete their divorce. When the calendar changes next month from 2018 to 2019, a major shift will occur in the tax law that could have significant implications for divorces. Many believe that this anticipated change is actually pushing couples to rush to complete their divorces in 2018.

The change afoot involves how money paid as alimony is taxed. As reported by Bloomberg, the current tax code assigns the tax responsibility for these monies to the person who receives them since they are that person's income. In addition, the person who pays the alimony is allowed to deduct the payments from their income tax return. 

Is dissolution right for you?

As a resident of Ohio who is considering splitting up with your partner, you may be asking yourself what path you should take. Would a traditional divorce be best? What about a legal separation? Maybe dissolution is right, instead. Greg R. Lewis ESQ., Harry Lewis Co., LPA, can help highlight the difference between these options for you.

The three things that dissolution, divorce, and legal separation all have in common is that they allow for you and your partner to split up and live your own separate lives. However, legal separation means that you're still technically married, while divorce and dissolution both nullify the marriage.

5 co-parenting tips to ease stress and lead a better life

When it comes to co-parenting, you can expect to feel quite a bit of stress. Even with a parenting agreement in place, there's something awkward about conversing with your ex-spouse after your divorce is final.

Fortunately, with the right co-parenting tips guiding you, it's much easier to lead a better life. And when you set the goal of leading a better life, you're also doing your part in helping your children do the same.

How can I ensure my ex-spouse is removed from my estate plans?

After a divorce in Ohio, one of the first things you need to do is change your estate plan. You want to remove your ex-spouse from the various aspects of your plan because you no longer want him or her to have control or decision-making power. It is very easy to overlook some items in your plan that need to be changed. It may help to make a list.

According to Forbes, you want to ensure your ex-spouse is no longer in a position to control your wishes, finances or assets. This means you need to focus on those things that appoint your ex-spouse as an executor, beneficiary or agent.

Who gets the art after your divorce?

You may not have to think about Koons, Rembrandt or da Vinci should you decide to end your marriage; not many Ohio couples have to worry about distributing extensive fine-art investment holdings upon divorce. However, couples who share any type of challenging assets, such as real estate, unique artworks or antiques, might want to consider exactly how they assign dollar amounts during the property division process.

Artwork is notoriously difficult to value. Inexpert or slanted appraisals of sculpture, painting or even conceptual art holdings during discovery could lead you signing a wildly unfair divorce agreement. 

Steps to prepare your finances for divorce

When you first decide to divorce, you do so because you understand it's best for your relationship. It's not what you hoped for, but you've come to realize it'll help you get your life back in order.

Once the initial shock of divorce is out of the way, you'll turn your attention to the impact on your life. In addition to the current changes, think about the future.

How will my 401(k) be split in my upcoming divorce?

If a divorce is approaching and you have a 401(k) account in your name that is set to be split between you and your spouse in Ohio, you may wonder how the split will be achieved. As the Motley Fool website explains, dividing a 401(k) is achieved with a Qualified Domestic Relations Order (QDRO). Since there are different ways to split a QDRO, the order should specify exactly how that split is to be achieved.

When it comes to splitting up a 401(k) in a divorce, your spouse has a number of options to choose from. You can likely expect your spouse to split your retirement 401(k) in any of the following three ways.

How can I help my child when moving after a divorce?

Divorce is tough on children no matter the circumstances, but it's especially hard when moving homes. While any move can be stressful for kids, doing so after divorce only compounds the sadness and confusion that naturally result. Fortunately, there are things you can do to ease the transition for your child, as explained by HealthyChildren.org.

Talk about where you’re moving

The importance of a property division checklist

Going through a divorce is guaranteed to change your life in many ways. One example is property division, as it's likely that you'll have to split some or all of your assets with your soon-to-be ex-spouse.

Depending on your situation, you may find that matters of property division are so complicated that you don't know where to start. Rather than hope for the best, it's important to get organized and remain organized from start to finish.

Navigating a mortgage in a divorce

Divorcing spouses in Ohio often find themselves at a crossroads when it comes to deciding what they want to do with their family home. For most couples, a house represents the single largest asset in a marital estate. The accompanying mortgage also commonly represents the single largest debt that the couple owes. 

Despite the financial realities that go along with a home in a divorce, many people feel a strong emotional tie to their homes that make them want to push hard to stay in the home after the divorce. Many people want to do this for the sake of providing stability for their children. If one person is willing to leave the home and let the other spouse have that asset, care must be taken to protect the leaving spouse's credit and ongoing assets.

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Gregg R. Lewis, Esq. - Harry Lewis Co., LPA
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Columbus, OH 43206

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