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.
Is The Money Received As Alimony Taxable?
Alimony and spousal support awards can be substantial, transferring tens of thousands of dollars from one ex-spouse to the other. Someone must pay taxes on all this money, but who? The Tax Cuts and Jobs Act of 2018 changed the tax rules for alimony.
Essential Elements Of A High Net Worth Estate Plan
High net worth individuals and families have unique estate planning needs, so they should look for an attorney who understands them. With the nation’s tax laws in a state of flux, a lawyer must remain abreast of all recent changes, as well as any proposed changes that could soon be passed into law.
Do We Both Need Our Own Ohio Divorce Attorney?
When you are planning to file for divorce, and both you and your spouse have reached this decision after months or even years of contemplation, you are likely thinking about ways of saving money and ensuring that the process goes as quickly and smoothly as possible…
What is a Separation Agreement?
If you are planning to go through a dissolution of marriage in Ohio, you will need to have a separation agreement. In addition, a separation agreement can be used if you want to formally separate from your spouse but…
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.
Steps To Dividing Retirement Assets
Retirement accounts, much like any other asset, can qualify as marital assets, regardless of whose name is on the account. However, dividing this type of asset is difficult.
How Do Courts Decide On Dividing Money In Divorce?
Money is like any other asset when it comes to equitable distribution. Money in a bank account can be either the separate property of one spouse or marital property that belongs to both. Money, however, has some unique wrinkles.
Making Tax-Smart Property Transfers In A Divorce
Many transfers trigger taxes. However, 26 U.S. Code § 1041 states that transfers between spouses or incident to divorce are tax-free, which is excellent news. If you are transferring assets while married or as part of the divorce decree, then there are no taxes owed.
Advantages & Disadvantages Of A Revocable Living Trust
A revocable trust is a legal vehicle for owning property. A client can create one and serve as the trustee, who manages the trust assets. Revocable trusts, called “living trusts,” are immensely popular.
Ohio Dissolution: Is That an Option for Me?
If you have a friend, family member, or acquaintance who recently went through a divorce in Ohio, you may also have heard about another process for ending the marriage known as a dissolution…
Why Are Ohio High Profile Divorce Cases Unique?
News of celebrity and other high-profile divorce cases is common in Ohio and across the country. Yet it is important to keep in mind that the notion of a high-profile divorce is relative, meaning…