Resources

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.

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 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.

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.

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.

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.

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.

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.

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…

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…