The difference between divorce and dissolution of marriage

For any number of reasons, couples in Ohio and elsewhere may make the difficult decisions to end their marriages. Although the terms divorce and dissolution of marriage are often used interchangeably for terminating a union, they are two different legal actions. Therefore, it may be helpful for those who are planning to split from their spouses to understand the pointed differences between these actions.

What is an offshore account?

During a divorce in Ohio, one thing you may have concern over is hidden assets. If you do not discover all the assets your spouse has, the court will not consider them when dividing your assets. It becomes quite important to uncover everything. One thing to consider is any offshore account your spouse may have.

What are the tax implications of divorce?

When you are going through a divorce in Ohio, there is a lot you must think about in terms of finances and how your divorce will affect them. One financial implication of divorce that many couples do not consider is how the separation will affect their taxes. The US Tax Center at IRS.com has some very helpful advice for soon-to-be-divorced couples who wish to save this upcoming tax season.  

The magic word in high asset divorce is negotiation

Divorcing when you own precious works of art or a luxurious Columbus home can be heartbreaking as you might expect to lose your valuable assets to your soon to be former spouse. However, the loss of your prized material possessions is not automatic. You can still try to negotiate with your spouse to hold on to certain assets. Several factors can lead to a successful divorce negotiation.

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.

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.

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.

How are retirement payments handled in a divorce?

Divorce is not something that only happens to young couples. It can also happen to you when you are in retirement or near retirement. This brings up some concerns as to what will happen with retirement income or payments when you divorce your spouse. According to Forbes, division of retirement can be complicated for many reasons.

What makes a high asset divorce different?

A high asset divorce in Ohio can be a very serious situation because of the extremely high value of assets and money involved. Because of this, it can take longer to sift through assets and for the court to make judgements. It may require investigations to ensure all assets are accounted for. According to Forbes, a high asset divorce includes another layer of stress simply due to the value of assets in the case.

Do I need legal counsel for divorce mediation?

Choosing to go to mediation for a divorce can seem like a great relief for the Ohio couples who choose it, since they have greater control over the final outcome of the divorce, including how their assets will be divided. However, some couples may wonder what part legal counsel plays in a mediation. Are attorneys even needed for a mediation? While mediations are not the same as judicial proceedings, attorneys still play important roles in a mediation.

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Gregg R. Lewis, Esq. - Harry Lewis Co., LPA
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