One of the most valuable assets that a Dayton, Ohio, couple may have between them is their respective retirement plans, such as 401(k)s, pensions and the like. Those who regularly contribute to these plans can amass tens of thousands of dollars as they get closer and closer to retirement.
A previous post on this blog talked about some common errors in thinking that may make a Dayton, Ohio, resident's divorce or separation take a turn for the worse.
Many residents of Dayton, Ohio, and the surrounding area own small businesses that may have been in their families for years or even generations. Often, when people get married, both spouses participate in the family business, and they may even both own shares in the enterprise.
As we began discussing last week on our blog, Dayton residents may find that mediation provides some advantages over the traditional process (i.e., litigation) of ending a marriage. It can help ease tensions and lay the groundwork for a better co-parenting relationship post-divorce; it can also save money and produce an agreement more likely to endure over the long term.
Dayton residents who are separating at the end of a marriage will often follow the traditional process. A litigated divorce is what we've all seen and heard about - both sides retain attorneys and present their arguments to a judge, who eventually makes a final ruling on property division and other matters. However, a less traditional but increasingly common alternative process may offer a beneficial alternative to couples in certain situations.
After our recent post on this Dayton family law blog concerning the $10 million in debt that Mary J. Blige allegedly incurred during her marriage, some readers may have questions about what happens to debt at the end of a marriage. Just what does our state say about debt and divorce?
Sometimes ending a marriage is a decision Dayton spouses make based solely on emotional considerations. Other times, however, other factors have to be weighed carefully, particularly financial ones. Some may base the timing of the actual divorce filing around financial milestones, even after they've decided in their hearts to seek a divorce. However, it is important to make sure those considerations are fully understood.
At the end of a marriage, many Dayton spouses will find themselves primarily concerned with splitting up property obtained during the marriage. There are oftentimes tangible items with sentimental value that will naturally be one focus of property division during the divorce process.
With the New Year have come new changes to the nation's tax code, some of them major. One such change is proving to have significant effects for couples contemplating a divorce.
When married couples in Dayton go their separate ways, there will be numerous assets to divide between them. Many of these are common and are expected in a divorce, like a home and furnishings, vehicles, bank accounts and other typical assets. Property division can become more complex in a high-asset divorce, however, with nontraditional assets like artwork sometimes dwarfing the value of others.