Barbara J. Howard Co., L.P.A.Cincinnati Divorce & Family Lawyer | Probate Hamilton County2024-02-12T04:51:20Zhttps://www.barbarajhoward.com/feed/atom/WordPressOn Behalf of Barbara J. Howard Co., L.P.A.https://www.barbarajhoward.com/?p=471422023-06-21T07:36:40Z2023-06-07T12:59:05ZWhat happens to ownership of the business
If someone started a business during their marriage, their spouse could very well be a co-owner on all of the company paperwork. Even if one spouse isn't named on business documents, they probably have some degree of ownership interest based on the investment of marital resources in the business. Some couples will agree to joint ownership of the business moving forward, but most couples prioritize separating their interest in the business during divorce. One spouse might keep the company, or the couple might decide to sell the business as a way of making property division as fair as possible.
What happens with employment arrangements
In scenarios where both spouses work at the company, a divorce can lead to fear about someone's future income. Spouses often are not able to continue working together at the business following marital dissolution, so it may be necessary to negotiate the exit of one spouse from the company. In scenarios where spouses agree to continue working together or owning the business together, they will generally need to have very clear plans for the management of the company and the division of their responsibilities to minimize conflict.
What the company is worth
Whether one spouse intends to buy out the other or the plan is to sell the business to a third party, having a reasonable understanding of what the business is actually worth on the open market is very important. The business valuation can influence everything from the division of other property to any alimony or spousal support ordered by the courts.
Ohio business owners who have specific goals in mind regarding their business often seek to negotiate with their spouse or attend mediation so that they retain control over those decisions instead of relying on a judge to rule on how their company must be addressed along with their other assets. Identifying the resources and issues most likely to complicate an Ohio divorce may help those preparing for marital dissolution to better protect their most valuable assets and set themselves up for a financially stable future.
]]>On Behalf of Barbara J. Howard Co., L.P.A.https://www.barbarajhoward.com/?p=470902023-06-21T07:39:55Z2022-12-09T22:07:09ZHow Collaborative Divorce Can Protect Your Privacy
In contrast to an adversarial divorce that takes place in a courtroom, a collaborative dissolution of your marriage is accomplished by way of private meetings, with each attendee at these meetings required to sign a contract indicating that the content of those meetings remains confidential. This allows spouses going through the end of their marriage to have open and honest conversations, without worrying that the general public – or perhaps one day their children – will be privy to the issues being discussed.
In order for a state to recognize the legal termination of your marriage, certain documents must be provided to the court – generally, a separation agreement, outlining the agreed-upon division of your finances, and a parenting plan, outlining provisions related to the care of any minor children. The documents provided to the court generally become part of the public record. This is true even in a collaborative dissolution.
In a litigated divorce, a court is asked to review the details of the spouses’ finances and make a decision about how to divide those finances. In order to do so, the spouses must provide the court with significant financial information – their incomes, their bank and investment account statements, their retirement statements, their tax returns, etc.
On the contrary, in a collaborative dissolution where these financial decisions are discussed and agreed upon by the spouses, the financial information can be exchanged outside of court, greatly limiting what information becomes part of the public record. When it comes time to submit required documents to the court, lawyers have the ability to redact – or altogether limit – what financial information becomes part of the public record.
There are many benefits to pursuing a collaborative dissolution of your marriage. The potential of privacy and confidentiality on the most personal issues is but one benefit.]]>On Behalf of Barbara J. Howard Co., L.P.A.https://www.barbarajhoward.com/?p=466422023-06-21T07:42:33Z2022-02-21T16:32:03ZYou Have Already Made Difficult Decisions.
If you and your partner enter into a Prenuptial Agreement before you are married, then you have likely already made some difficult divorce-related financial decisions.
For instance, the division of your property and debt may already be determined by you and your spouse. Having already made these decisions in a valid Prenuptial Agreement can be a great relief.
You Can Avoid Spiteful Disputes.
Parties who have a Prenuptial Agreement may set themselves up to have a less contentious divorce as they have previously created the agreement cooperatively. Sometimes, spouses may be angry or upset with one another when their marriage ends. This can make for a difficult time to try to make financial decisions cooperatively. A Prenuptial Agreement allows you to negotiate satisfactory terms of your possible separation when you both care about and trust each other.
You Can Protect Your Family.
The ending of a marriage affects more people than just the two spouses. Your children, loved ones and relatives will likely also feel the impact of a split. This is especially true if you have a family business, inheritances, or share children with another person. A Prenuptial Agreement can serve to establish, in written form, what both spouses acknowledge is owned by the other prior to the marriage. In the event the marriage ends, returning to each spouse his or her pre-marital property is more straightforward, with the Prenuptial Agreement as a guide.
You Have A Map To Guide You.
As anyone who has gone through a divorce will tell you, the route through a divorce is not a straight line. There can be unexpected obstacles, surprising detours and territories you will be navigating for the first time. A valid Prenuptial Agreement may provide valuable guidance and streamline the legal process required to end a marriage.
A Prenuptial Agreement is not likely to prevent a divorce, nor is it likely to lead to one. However, it can make a difficult situation a little less burdensome.]]>On Behalf of Barbara J. Howard Co., L.P.A.https://www.barbarajhoward.com/?p=470292023-06-21T07:48:22Z2022-02-03T16:27:10ZRetirement Accounts Come In Many Shapes And Sizes.
Be sure to talk to an experienced family law attorney before making assumptions about how your or your spouse’s retirement will be dealt with in a divorce. There are many different types of retirement accounts. What you may read online about one type of a retirement account, such as a 401(k) for example, will not apply to other common forms of retirement accounts, such as a pension.
In many divorces, the retirement accounts are the couple’s largest asset. They are generally also the most complicated assets. For this reason, it’s especially important to make sure that you
What’s The Value Of My Retirement Account Today?
Do not assume that the value of your retirement account is the number you see listed on a statement you receive from the financial institution who holds your retirement plan. In some instances, the value listed on the statement may represent something other than the number you need in order to equitably divide your retirement with your spouse.
Working with an experienced family law attorney, in conjunction with a retirement expert and an actuary, is the best means to ensure your retirement is divided in an equitable manner. The consequences of mistakes made in dividing retirement in your divorce may not be realized until years later, when you and/or your ex-spouse retire. Sometimes it is then too late to correct the mistake.
Did You Have A Retirement Account Started Before You Married?
Generally speaking, if you had a balance in your retirement account prior to your marriage, you will not be required to share that balance with your spouse as part of your divorce. In some instances, you may also be entitled to keep any market growth that has been earned due to the investment of your pre-marital balance. Doing so will require that you perform certain calculations to demonstrate how your money has grown. This typically requires the assistance of an experienced family law attorney and a financial expert.
Will I Have To Pay Taxes If I Receive Part Of My Spouse’s Retirement Account?
Whether you will have to pay taxes when you receive part of your spouse’s retirement account depends entirely on the type of retirement account your spouse has, and on how you choose to take your share of your spouse’s retirement account. This is another reason that retirement assets are among the most complicated divorce topics.
For many retirement accounts, it is entirely possible that you will receive your share of your spouse’s retirement account with zero immediate tax consequences. Working with an experienced family law attorney and financial expert can ensure that you know your options, including how to avoid an unexpected tax bill related to your share of your spouse’s retirement.]]>On Behalf of Barbara J. Howard Co., L.P.A.https://www.barbarajhoward.com/?p=470262023-06-21T07:55:22Z2022-01-20T16:24:47ZYou Can End Your Marriage Without Increasing Your Taxes
Many people believe that a divorce will have a disastrous effect on their tax bill. This is not necessarily the case. If you work with an experienced family law attorney, and perhaps a financial planner, you can be strategic in the agreement you reach with your soon-to-be ex-spouse so that you can both minimize any negative tax consequences related to your divorce. You and your spouse should look at taxable assets that are part of your marital estate separately from non-taxable, or already-taxed, assets that are part of your marital estate. For example, retirement assets are typically treated differently from other assets.
If you have children, you will also need to consider tax benefits and credits that are related to the children. While married and filing joint income tax returns, you and your spouse were able to share in the tax benefit. Your divorce agreement or order must specify how the child-related tax benefits are to be treated in the future, when you and your spouse will no longer be filing joint income tax returns. For example, some divorced spouses alternate these benefits in even-numbered and odd-numbered years, or if they have multiple children, they allocate the benefits between them. This is an issue that can be negotiated as part of your divorce agreement.
Reaching an adequate financial settlement from your divorce will be crucial to the next phase of your life. Understanding the tax implications of your financial separation is important and should help to provide peace of mind that your divorce settlement will not result in any surprise tax bills down the road.]]>On Behalf of Barbara J. Howard Co., L.P.A.https://www.barbarajhoward.com/?p=466642023-06-21T08:07:02Z2022-01-03T16:22:11ZStaying Out Of Court
In some situations, filing for divorce can be necessary. For example, if there has been a history of domestic violence, an out-of-court agreement may not be possible. If one spouse refuses to participate in discussions about an out-of-court agreement, the other spouse may have no option but to turn to the court’s legal process.
The litigation process can be contentious; in fact, our court system is set up to be one spouse “versus” the other. It can feel as if the court has to deem a winner and a loser. While it is not that black and white, going through litigation can pit divorcing spouses against each other.
It goes without saying that divorcing spouses are likely not getting along. If they were, the marriage would probably not be ending. However, just because you and your spouse do not wish to remain spouses, or even friends, does not mean that you cannot have an amicable divorce. Amicable divorces still require difficult conversations and resolving differences. Spouses who decide to pursue and out-of-court solution opt to have these difficult conversations between the two of them, or together with a mediator, rather than at a trial before a judge.
Nixing The Name-Calling
If you are in the early stages of your divorce, or are considering divorce, and want to have an amicable divorce, you can start by being mindful of your language. Even though you may have strong, negative feelings about your spouse, do your best to avoid mudslinging, including to friends and family. This does nothing but create more conflict and contention, which makes it more difficult to successfully reach an out-of-court solution.
Choosing Battles
Any out-of-court solution that divorcing spouses reach will involve compromise. Both spouses will have to “give up” certain things they may want out of the divorce. The process requires negotiation and compromise. Having - and maintaining - the expectation that you will not have to give a little in some areas will be an obstacle for you to finality. This means you will have to choose your battles. You will have to prioritize what is most important to you and be prepared to let go of some things that are lower on your priority list. For example, if it is most important to you that you can remain in the home where you and your spouse lived, you may have to compromise on another issue that is high on your spouse’s priority list.
Most people who manage to end their marriages by reaching complete agreements with their spouses say that they are happy they did so. In addition to time and cost concerns, an amicable resolution has many other benefits, especially for any children.
If you are hoping to have an amicable divorce, talk with an experienced family law attorney early in the process to get advice about how to set yourself up for success.]]>On Behalf of Barbara J. Howard Co., L.P.A.https://www.barbarajhoward.com/?p=465932023-06-21T08:09:42Z2021-12-20T16:19:25Zgetting divorced after being married for a relatively short time, you are still facing the complications of untangling your finances and perhaps also trying to minimize the stress on your young children.
Spousal Support
Generally speaking, payment of spousal support from one spouse to the other is more likely in long-term marriages. With that said, spousal support is sometimes appropriate even in shorter-term marriages. If divorcing spouses are relatively new in their respective careers and still working to build wealth, there may not be a need or an ability to pay support. However, even in some shorter-term marriages, one spouse may have left the workforce and therefore has not had career advancements in order to pursue other endeavors, such as raising young children. In those cases, especially where there is a large disparity in the spouses’ earning abilities, spousal support may be a factor.
Property Division
When it comes to dividing the couple’s assets, sometimes younger people may end up having more liabilities than they have assets. This is not unusual in these times, where many 20- and 30-year-olds are working to dig their way out from student loan debt and credit card debt. Even if that is the case, the divorce agreement must state which spouse is to be responsible for which debts. Generally, if one spouse incurred a debt prior to the marriage, that spouse will continue to be responsible for that debt. However, debts that either spouse incurred after the marriage may end up being divided between the spouses.
With very few exceptions, even if a young couple has significant debt, they will still have assets that must be addressed as part of their divorce agreement. This would include bank accounts, retirement accounts, vehicles, and household furnishings including wedding gifts.
Child Custody
Determining the custody arrangements for children can be a contentious issue, particularly when children are very young. A parenting agreement between divorcing parents of an infant will need to be quite different from a parenting agreement between divorcing parents of a teenager. When children are younger, some important decisions about their upbringing may not have been made by the parents by the time of the divorce. For example, if the children are not yet school-aged, the parents will need to determine where they plan for the children to attend school. With a junior in high school, that issue is less likely to be a contentious one.
Pet Custody
In recent years, there has been a noticeable rise in divorcing couples who wish to continue to share time with their pet. This seems to be related to the decision of some young couples to wait to have children until a bit later in life, and these couples instead have pets. Generally speaking, the courts treat pets as property rather than akin to children. For this reason, many divorcing couples wish to create their own custody plan for their beloved pet.
The Road To Divorce
The divorce process may look very different for parties who are in their 20s or 30s compared to those who are 50 or older. In some ways, it can be faster and more straightforward; in other ways, it can be just as complicated.
Understanding how and why your divorce may be different from a parent's or friend’s divorce is important. Assuming that your divorce will have the same complications as a friend’s can sometimes cause unnecessary stress. Talking with an experienced family law attorney can help you to understand what to expect, which is especially important during a time of so much uncertainty.]]>On Behalf of Barbara J. Howard Co., L.P.A.https://www.barbarajhoward.com/?p=465712023-06-21T08:11:57Z2021-12-06T16:17:14ZThink Before You Post
Before you share, post, or comment on anything using a social media platform, consider the following:
Would I be comfortable reading this aloud to a Judge? Advice we frequently give clients is to pause before clicking “post” or “send,” and ask yourself: would I be comfortable reading this aloud, in a courtroom, to a judge? If not, it’s best not to post. Always remember that when you are going through a divorce, the audience of your social media postings is much broader than just your “friends” list.
Am I giving the wrong impression? Many people use social media to portray a lifestyle they aspire to, rather than portraying their “reality.” This may seem harmless, but it could end up giving the wrong impression. For example, you might make repeated posts on social media showing that you are out partying with friends several nights a week, with the goal of showing your spouse that you have moved on and that you can still have fun without him or her. However, these posts could be used to support a narrative that you prioritize partying over other family obligations, such as tending to children’s needs or working at your job to your full potential.
Could this impact my children? What some people forget to consider when they are feeling angry at their spouse is that their social media posts referencing – directly or by implication – their spouse can have a negative impact on the children. For example, if your spouse’s posts insinuate that you are a less than ideal parent in some way, parents of your children’s friends may see the post. Those parents may then be reluctant to allow their children to spend time with yours. There is also the risk that your children may see the social media posts, and if those posts are criticizing one of their parents, this can make the children feel bad about themselves. Remember, children can internalize criticisms about their parents and then feel badly about themselves.
Am I divulging privileged information? When you are working with an attorney in your divorce process, generally speaking, your communications with your attorney are protected by the attorney-client privilege. This means that, with few exceptions, no one can force you to divulge what you shared with your attorney, or what advice your attorney gave you. If you share any of these private conversations with others, such as your social media friends, you can lose the attorney-client privilege. An example might be that you and your attorney decide on a certain strategy as part of your divorce, and then you share that strategy on a social media post. Even if you are not “friends with” or “followed by” your spouse, anything you post on social media can be obtained by your spouse in a court process.
Not All Social Media Activity Is Bad
This is not to say that all social media use is harmful, even during a divorce. Many people find comfort in a virtual supportive community and connecting with others who might be having similar struggles.
Social media has the unique benefit of allowing you to remain connected to those members of your spouse’s family, if you wish to, after you are divorced. You can continue to share photographs of your children’s milestones with them, and you can continue to see photographs of their families. Without social media, you may otherwise lose touch with these people who were family to you during your marriage.
With all this in mind, we urge clients going through a divorce to be very mindful of their social media usage, and to disconnect from social media altogether if they will be too tempted to make posts they may end up regretting.]]>On Behalf of Barbara J. Howard Co., L.P.A.https://www.barbarajhoward.com/?p=465452023-06-21T08:13:57Z2021-11-22T16:13:51Za Prenuptial Agreement may be something you have been considering. If you are unsure if you should have a Prenuptial Agreement, consider the following points.
1. Prenuptial Agreements Are Not Just For The Wealthy
People often assume a Prenuptial Agreement is only necessary if you have significant assets. While it may be true that those with significant assets to protect turn to Prenuptial Agreements to ensure their assets remain protected, those with more modest assets can, and do, take advantage of Prenuptial Agreements. For instance, a Prenuptial Agreement can carve out certain assets that you wish to pass on to your children, and can establish, in writing, a list of assets that you owned prior to your marriage and wish to retain as your own in the event your marriage ends.
2. Not all Prenuptial Agreements are valid
Having signed a Prenuptial Agreement does not necessary mean that a court will uphold or enforce it at the time of a divorce. If the marriage ends in divorce, one or both spouses may ask the court to enforce the terms of the Prenuptial Agreement. In order for the court to enforce the Prenuptial Agreement, the court will need to ensure, among other things, that the contract is valid. One example of a reason for which a court may not enforce a Prenuptial Agreement is a failure to disclose financial information at the time the Prenuptial Agreement was signed. Another example is if one party was coerced into signing the Prenuptial Agreement, or did not have a meaningful opportunity to have an independent attorney give advice about the legal effects of the Prenuptial Agreement.
Because of this, it can be crucial for both parties to have legal representation when drafting and signing a Prenuptial Agreement. It can also be crucial for the Prenuptial Agreement to be completed and signed well in advance of the wedding, so that neither spouse is feeling coerced or compelled to sign it.
3. You Should Not Rush Through The Process
It is important that these discussions begin early, and that neither spouse feels rushed through the process of discussing or signing a Prenuptial Agreement. In fact, rushing through the process could ultimately cause one spouse to later argue that the Prenuptial Agreement should be invalidated.
Take your time with discussions and be honest. Think about what you both want to protect. Review proposed terms with an attorney and negotiate any conditions with which you disagree. By taking your time and being careful, you can create an agreement that fits your needs and gives you peace of mind.
4. You May Never Need It
Having a Prenuptial Agreement is, of course, not an indication that you have cold feet or that you expect your marriage to end in divorce. Perfectly happy couples opt to have a Prenuptial Agreement as they prepare for their weddings. In fact, many of these happy couples believe that a well thought out Prenuptial Agreement will help to ensure that they have a happy marriage. This is because the preparation of a Prenuptial Agreement forces both spouses to have a discussion about finances – what each spouse’s financial situation is as they prepare to be married, and also how the finances will be handled during the marriage. For example, spouses discuss where they will deposit their incomes, whether they will have joint accounts, and how they plan to save for retirement.
If all goes well as planned, you may never need to enforce your Prenuptial Agreement. You may store it in a safe place in your home where it will collect dust for many years.
Prenuptial Agreements can be a difficult topic to process and to discuss with your soon-to-be spouse. Having this conversation early is important. If you are on the fence about whether a Prenuptial Agreement would be appropriate for your situation, talk with an experienced family law attorney about your options.]]>On Behalf of Barbara J. Howard Co., L.P.A.https://www.barbarajhoward.com/?p=466482023-06-21T08:15:53Z2021-11-08T16:12:18Zspousal support in Ohio, along with information on what you should know.
Myth: It Is Only For Women.
Ohio law does not provide that spousal support is paid by a husband to a wife. Under the appropriate circumstances, either spouse may collect spousal support. There are plenty of divorces in which the higher-earning spouse is the wife, and she becomes the payer of spousal support. The court does not consider a spouse’s gender when examining a claim for spousal support.
Historically, women were predominantly the recipients of spousal support only because women were historically more likely to be the financially dependent spouse. Today, of course, this is no longer the case. Married couples are far more diverse in their economic arrangements.
Myth: It Is Only For Affluent Parties.
People often hear "spousal support" and think of wealthy celebrities. Spousal support is not only for the wealthy. Plenty of divorcing couples of modest means are paying spousal support.
In very general terms, spousal support is for situations in which one spouse has an economic need for financial support after a divorce, and the other party has the means to provide it.
Myth: Support Is For The "Wronged Party."
Spousal support is not a punishment for marital misconduct, and it is not proof that someone was to blame for the divorce.
Spousal support is paid based on the spouses’ relative financial situations, both in terms of their financial need and their earning capacity. A classic example is a spouse who left a career during the marriage to care for children, and upon divorce, faces an enormous challenge to re-enter the workforce to be able to become financially self-sufficient.]]>