Alimony and child support have the potential to be among the more contentious matters when a Dayton couple decides to go their separate ways after the end of a marriage. However, particularly in a high-asset divorce, there may be other options on the table that can take the place of alimony and child support - options which one spouse or the other (or perhaps even both) might find more attractive.
Dayton residents will likely be familiar with the name, Mary J. Blige, the Grammy-winning singer. What they may not know is that for years, Blige claims, she and her husband, Kendu Isaacs, struggled through a bitter high-asset divorce.
When an Ohio couple decides to divorce, one of the issues that is often up for dispute is the marital property and which party will receive what. There are certain aspects of the case to remember based on the law. One is how a distributive award works. A distributive award is any payment that is made whether it is real or personal property, is paid over time or in a lump sum, is in a fixed amount, is made via income or separate property, has not be made via marital property, and is not considered child support.
Last week's post here on our Dayton family law blog illustrated that some couples are able to remain on good terms during and after the end of a marriage, even when they have significant assets to divide between themselves. However, it is extremely important in a high-asset divorce to make sure that an amicable approach is based on honesty and trust, and that no partner is attempting to hide assets from the other.
Dayton couples with significant, high-value assets have an extra challenge to resolve in the event they find themselves at the end of their marriage. However, it is absolutely possible to avoid a costly, drawn-out fight if both spouses keep the focus on what is at stake.
When a person in Dayton seeks to end his or her marriage, it is not very common for his or her spouse to try to refuse. After all, when one partner has decided they want out of a marriage and has taken steps towards a divorce, reconciling may be an option, but trying to fight the divorce filing itself in order to keep the marriage from ending usually makes little sense.
Let's take a closer look at a subject raised in a recent post here on our blog. The subject is the "fault divorce" in Ohio law. While we briefly outlined the major differences between no-fault and fault divorce, some readers may be wondering more about fault divorce itself: what are the grounds for fault divorce? What if both spouses allege fault? What can you do if your spouse alleges fault in your divorce?
Dayton residents have likely been following the recent headlines devoted to Ohio's tenth district congressional representative Michael Turner. Turner's hotly contested high-asset divorce was about to draw another Republican congressman into its orbit, and although the couple settled, an interesting point of Ohio family law was raised in the process.
Our recent blog post about a billionaire couple disputing the valuation of an artwork collection may have seemed somewhat outside the realm of day-to-day life, even for wealthy Dayton couples. The point that we want to emphasize is not necessarily the sheer dollar amount from that case, but rather the principle that high net worth couples will have unique financial considerations in a divorce that can lead to undesirable protracted litigation if not anticipated and taken into account.
The list of things to try to plan for when separating from one's spouse may seem endless. Finances, in particular, will likely be a major element of any divorce and one that affects many other aspects in turn. Fortunately, there are a few key steps that Dayton residents can take to help ensure that their rights are not neglected during the process.