Divorce often involves the division of marital assets, including joint properties. When spouses decide to sell joint property as part of their divorce settlement, there are significant tax considerations that can impact both parties. Understanding these considerations is crucial to ensure a fair and financially sound outcome. Capital Gains Tax One of the primary tax…
With the emotional toll divorce takes on those going through the process, taxes are likely not top of mind in navigating your divorce. However, understanding potential tax implications is crucial for individuals going through a divorce to avoid unexpected financial setbacks and ensure a fair division of assets. Spousal Support and Tax Implications Spousal support…
Debt acquired during a marriage can become a contentious issue in the divorce process. Much like assets, debt must be addressed in the settlement, but there are many factors to take into consideration. Types of Debt Debt acquired in a marriage can be broadly categorized into two types: individual and marital debt. Individual debt is…
Retirement savings and benefits are typically some of the largest marital assets to divide during divorce. There are many considerations to keep in mind relative to these benefits when negotiating how to structure your divorce settlement. We have highlighted a few key components of dividing retirement plans to consider. Know the Types of Retirement Benefits…
The family home; it’s where memories were created. And, for most families, their home is one of their bigger investments. Going home can create a feeling of inclusion and safety and this emotional attachment is different than the feelings associated with other investments like stocks and bonds. During the divorce process, the family home can create…
Working with an experienced and highly skilled team is the best way to ensure things move quickly and efficiently during a divorce. We are most successful when working with attorneys that understand we not only provide our financial expertise to the client, but to the rest of the team as well. We understand that each case is…
Deciding what to do about shared marital assets during the divorce process can be complicated. Often the largest marital asset is the family home, as well as any other real estate. Selling a home during divorce can make an already challenging experience even more emotionally taxing. One question we often receive is whether it’s best…
After years of helping families work through the financial implications of divorce, we have seen people get through the process feeling empowered and confident, and we have seen people make some very costly mistakes. Here are the 7 mistakes people make when getting a divorce: Trying to use financial negotiations to get revenge. For instance,…
by Attorney Robert “Chip” Mues, Guest Contributor We are pleased to welcome Mr. Mues to the Alternative Divorce Solutions blog. He writes below about legal considerations under Ohio’s recent recognition of postnuptial agreements. I have primarily practiced divorce and family law work in Montgomery County and throughout Southwest Ohio for 40+ years. I have now…
Divorce can be an emotionally painful process—and it can have financial repercussions that affect you for the rest of your life. Decisions made about dividing assets, retirement plans and spousal support can be complex and have long-term impacts. While attorneys help navigate people through the legal aspects of divorce, and family, friends and therapists provide…