What does the IRS consider to be spousal support? A divorce decree labels payments as spousal support, maintenance, or alimony. Does that mean that the payments are considered to be alimony by the IRS? Not necessarily. Why does this matter? It matters because qualifying spousal alimony payments are deductible by the payer and included in the recipient’s income.
In Ohio, alimony is called spousal support. For purposes of this article, we will use the Ohio term. In order for a payment to qualify as spousal support by the IRS, all of the following requirements must be met: (more…)
How does a court decide spousal support? The court considers a list of factors set forth in Ohio Revised Code 3105.18 (R.C. 3015.18
This article will address dividing a business in divorce. Usually, a qualified expert witness will be needed to provide evidence of the valuation of a business. The expert looks at various factors, such as the history of the business, risk involved in the particular business, among other factors. Utilizing such factors, the expert determines the fair market value of the business. The parties will have to decide if they want to agree on a single expert or if they wish to hire their own experts. With the price of a business evaluation expert being $10,000 or more, this is no small decision. Factors that may be considered in whether to share an expert include: whether the business-owning spouse is likely to disclose all assets and liabilities of the business, including receivables; whether the business-owning spouse had a history of keeping thorough and reliable records; and how well the non-business owning spouse knows the business. (more…)
Testimonials and reviews come from hard work and know-how. In looking at testimonials, one should look for signs that the attorney will fight for you and will take the time to do some of the little things that may need done in the case.
Daniel Gigiano is an attorney who cares about getting justice for his clients, as well as looking out for their well-being. This culture of going the extra mile had its roots back in the days when he was an assistant prosecutor. While working in the juvenile division, word got around that Attorney Gigiano not only ran a tight ship and was a bulldog in the courtroom, but he also took the extra time with the people involved in the cases, as well as opposing counsel. Word traveled quickly, as the people involved and his peers spoke highly of his work. Attorney Gigiano was promoted to supervisor where he managed a large caseload. He continued to receive compliments for his willingness to give his time to people and ensure justice. (more…)
This article will discuss property division in divorce. What is property? Property can be real property, otherwise known as real estate. Property can also be personal property, which includes cash, financial and retirement accounts, vehicles, and household goods.
Under Ohio Revised Code 3105.171 (R.C. 3105.171
), there are nine factors that govern only the division of property: (more…)