Bankruptcy & Divorce: How One Attorney Can Help with Both
Divorce is often a convenient time to consider filing for bankruptcy. In the typical divorce, a judge equitably divides marital assets—and marital debts. Many spouses are also carrying significant personal debts that they remain responsible for after getting their divorce decree.
Divorce Doesn’t Have to Be Difficult: A Guide to Keeping It Simple and Quick
The internet contains countless stories of nightmare divorces that dragged on indefinitely, with each spouse’s dirty linen being aired for public consumption. These types of divorces are not only expensive but also emotionally exhausting.
Bankruptcy Following Divorce: Where to Begin
Bankruptcy allows a debtor to eliminate (“discharge”) certain debts and obtain a fresh financial start. Many people file for bankruptcy following a divorce, which is an excellent move when their debts are primarily unsecured debts, like credit card balances, personal loans, or medical debt.
Will I Need a Forensic Accountant in My Divorce Action?
Divorce is messy and complicated for many people. Figuring out a person’s financial position before or after divorce takes specialized skill, which many forensic accountants can provide. The tasks a forensic accountant performs varies depending on the divorce, and not all couples will need one. However, at Lawrence Law Office, we regularly work with forensic accountants when their expertise will help our clients. Below, we take a closer look at how these professionals assist us in our work.
Divorce Transfer of Property: What Are the Tax Issues?
Many divorce attorneys overlook tax issues—much to their clients’ detriment. Whenever a piece of property is sold, the owner typically needs to pay capital gains tax. Fortunately, federal tax law makes an important exception when it comes to divorce, but this does not mean that spouses will avoid having to pay taxes. Instead, tax might be paid later, and the amount could dramatically reduce the value of the asset.
What Happens to Your Ownership Interest if You Get Divorced?
Many people own stock or other business interests. When the investment consists of stock in a public company listed on a stock exchange, then there is little controversy around how to divide it. Unless a person is very wealthy and owns a considerable share of a company, they probably have no say in how the large corporation is run, so a swap in ownership of shares is easy.
A Basic Legal Guide to Divorce
Filing for divorce can be confusing, and many men and women delay because they are unsure of what to do. Fortunately, our attorneys can break down the process for you so that it is easy to digest. Below, we outline some basic information that you need to know before seeking a divorce in Ohio. Meet with one of our divorce lawyers if you have questions.
Levels of Divorce: Your Options
There is no “one size fits all” divorce in Ohio. Instead, couples have several options to choose from, but they need to understand the differences first. If you are concerned about how you should proceed, we can help. Lawrence Law Office has provided legal guidance to men and women for decades. Contact us today to schedule a consultation.
Details Regarding the Coronavirus Aid
Inside is a high-level summary of these provisions. This is not an exhaustive summary of the cares act changes. For more information and guidance on how these provisions might impact you, please consult with your tax professional.
Buying Out an Ex-Spouse’s Stock in a Closely Held Firm
There are various ways to buy out an ex-spouse’s stock. If the divorce has not been finalized, your spouse might get an off-setting amount of other marital property. For example, your spouse might get more of a retirement account while you take his or her stock in the closely held firm. This is often an easy way to divide equity in a business.
Treatment of Equity-Based Awards in Divorce
Divorces that involve equity in a business are complicated. Because business interests can be considered marital property, they may be subject to equitable distribution. Unfortunately, any transfer of equity can upset the balance of ownership in a company. Suddenly, a spouse who was not an owner could suddenly gain equity and a say in how a business is run.