When does spousal support end? Even when spousal support is determined as lifetime spousal support, it is not necessarily forever.
There are four ways in which an order for spousal support may terminate:
- Spousal support may terminate on a specified date;
- Spousal support may terminate upon the occurrence of a specified event;
- The domestic relations court may terminate spousal support pursuant to its continuing jurisdiction if a change of circumstances has occurred that supports termination of spousal support;
- Spousal support may terminate as a matter of law upon remarriage of the recipient spouse or the death of either party.
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…)
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…)