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.

What is a forensic accountant?

If you are involved in a high asset divorce, you have more to lose than most other divorcing couples in Ohio. You may need to call upon the assistance of a forensic accountant. According to the Forensic CPA Society, a forensic accountant is an accountant who specializes in helping with litigation and disputes through finding evidence to back up claims.

Keep these 3 things in mind when getting a high-asset divorce

If you are prepping for a high-asset divorce in Columbus, there are probably many things going through your mind right now. Regardless of how much you prepare, you could end up dealing with issues, such as alimony and child custody that often lead to contention in divorces. As Pyschcentral.com puts it, it is possible for you to advocate for you and your kids during divorce without attending every fight your spouse wants you to be a part of. 

What is the secret to an amicable divorce?

If you believe it is possible for you to have a drama-free divorce in Columbus, you are on the right track to achieving one. Divorce is not easy, neither is moving on. Besides having concerns about property division and child custody, you might be wondering how you and your partner can resolve your separation without dragging out the proceedings and badmouthing each other. 

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

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