Financial Matters in Family Law
Family Law Attorney in Columbus, OH
In family law cases, making sure you have someone who understands all factors involved is important. Unfortunately, as difficult as it can be to end a relationship, things can get a little more complicated when financial matters are involved. At Grossman Law Offices, our Columbus family law lawyers understand the potential issues you may encounter during the process. Before you begin the divorce process, there are certain financial matters you will want to examine.
Financial matters you may have to consider include:
- Spousal support
- Division of property
- Qualified Domestic Relations Orders (QDRO)
- Antenuptial agreements (prenuptial agreements)
Spousal Support (Alimony) in Ohio
Under Ohio state law, one of the spouses may be ordered to pay the other spouse in order to maintain the way of life to which he or she became accustomed during the marriage. When determining the amount and duration of spousal support, there are a number of factors the judge will consider. The judge will take into account the income of each party, the duration of the marriage, each party's contributions to the marriage, the income-earning capabilities of both parties, and more.
Property Division in Ohio: Equitable Distribution
In Ohio, each spouse is considered to have contributed equally to the production and acquisition of marital property. The laws require that the division of marital property be equitable which, in most instances, means equal. There are often disputes as to the value of an asset or whether all assets are truly marital. Ohio generally returns all separate property to the rightful owner.
The retirement benefits of the spouses, including IRAs, 401(k) plans, pensions, deferred compensation, savings plans and the like are considered marital property and subject to division by the court. Generally, the court will only divide the benefits acquired during the marriage.
Qualified Domestic Relations Order (QDRO)
In some relationships, there are complications that may arise should retirement benefits be involved. In these types of situations, if the retirement benefit is subject to division during the divorce, you will have to file a qualified domestic relations order (QDRO). It is important to properly draft and file a QDRO because failure to do so can affect the rights of the recipient from receiving benefits.
Antenuptial Agreement (Prenuptial)
A prenuptial agreement is a written contract between a man and woman contemplating marriage and is intended to limit or modify certain marital rights. Such an agreement is often requested by an individual seeking to protect assets brought into a new marriage or attempting to benefit children from an earlier marriage. Courts require very strict financial disclosures before such an agreement may be signed.
Call (614) 344-4311 Today to Understand Your Options
If you need help with complex financial matters during a family law case, trust a firm that has been helping people since 1972. There are numerous documents you may require. Our team can break down the entire situation for you during our first meeting so you'll know what you need and the steps you need to take to move forward.
Call (614) 344-4311 to discuss your case with a Columbus family law attorney today.