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Dayton Divorce Law Blog

Divorce costs and common sense

No one wants to spend more on a divorce than they have to, but how do you know what you should spend? If you are not Elizabeth Taylor, with her seven divorces, just dealing with attorneys and the courts is bewildering enough without the emotional turmoil most people experience. There are no hard and fast rules, but common sense can provide some help.

Whether you have a modest marital estate or a complex property division, one good rule of thumb is to remember that it is never "worth it" to spend more money fighting over an asset than it is worth. This may sound simple, but in the incendiary environment of some high-conflict divorces, the parties may adopt a scorched earth policy, where winning is everything, no matter how pyrrhic the victory.

Child custody dispute at U.S. Supreme Court

Ohio readers may be interested in an adoption and child custody dispute that will be heard at the United State Supreme Court. The case concerns conflicts of state and federal law, the rights of adoptive parents, and the rights of Native American parents.

A piece of federal legislation known as the Indian Child Welfare Act (ICWA) is at the center of this dispute. The dispute gives families and tribes of Native American children special considerations when it comes to the child custody and adoption of their children.

 

Rep. Turner finalizes divorce, division of marital property

Dayton's congressman, Rep. Mike Turner, has finalized his divorce from his wife of more than 25 years. Turner and his wife submitted a petition for dissolution of their marriage in March, and on May 1 the Domestic Relations judge presiding over their divorce granted that petition. Despite the fact that the former spouses had relatively complex marital assets, it appears that the two were able to come to a fairly amicable agreement for dividing the property.

For example, among the couple's assets were a home in Centerville and four vehicles, three Cadillacs and one Toyota Prius. Under the terms of the agreement, Turner's wife, a business executive, will keep the house and Rep. Turner would make his residence in Washington, D.C. The distribution of the vehicles is not mentioned in an article about the divorce.

McCourt returns to divorce court and may owe $700 million to ex-wife

Property division in a divorce in Ohio is to be equal. This typically means 50 percent to each party, but if that would be inequitable, a court can determine the percentage that would be equitable. An important factor to remember during this process is that it is very difficult to modify a property division once the final divorce decree has been entered.

While other parts of a divorce settlement can be modified at a later time, such as child or spousal support or the terms of a custody agreement, if there has been a significant change in the circumstance of the parties, such as illness or permanent job loss, the division of marital property is much more difficult to modify. If you made a mistake or failed to understand the tax consequences of accepting a type of property or selling real property, the court will not fix your error in a property division.

What if your husband is the housewife?

For many years, the man of the house was known as the breadwinner, and the wife was typically known as a housewife. Forty years after women began to enter the workforce in large numbers, the percentage of women who earn more than their husbands do has begun to increase. While it is not common, it is no longer rare, just as some men have become househusbands.

For a wife who earns more, the prospect of divorce may be no less stressful. She may not need to worry if she will receive a sufficient alimony payment or how she will obtain adequate training to successfully reenter the world of work, but a woman in a high asset divorce with a substantial income, a professional practice or personal assets will have her own unique set of concerns.

New York court invalidates a prenuptial agreement based on oral promise

Prenuptial agreements are useful for many people. They are especially valuable for a second marriage, because people embarking on a second marriage often have assets they may want to remain separate and frequently have children from their first marriage. A prenuptial agreement allows both parties to the marriage to obtain a complete picture of each other's finances, which, by itself may help reduce some tensions that may develop if the parties lack full disclosure.

With a high net worth couple, the prenuptial agreement should bring peace of mind to each member of the marriage, as they know in advance that their children cannot be disadvantaged by unfortunate circumstances or clever lawyering by their spouse's attorney.

Complex divorces may require additional specialized assistance

When you get a divorce, you hire a divorce attorney. As a legal professional, they are trained to handle family law issues and their experience gives them additional insights into the near infinite variety of things that can occur during a divorce. However, they are legal professionals, and while they may pick up specific knowledge of other matters that they have to deal with on a regular basis, you may have issues in your divorce that require assistance from someone with expert knowledge.

If you have a high-asset divorce, with a complex finances, you may need guidance from a tax attorney and an accountant experienced with handling sophisticated marital estates. If your spouse owns his or her own business or professional practice, there may be difficult questions of the valuation of assets as part of the division of property.

A really high net worth divorce

When we think of high net worth divorce cases, we probably think of Hollywood stars and sports stars, like Ashton Kutcher and Demi Moore or Tiger Woods and Elin Nordegren. And they certainly have a high net worth, in the case of Kutcher and Moore, both are valued at over $150 million each, while Nordegren received a $100 million settlement. Somewhat ironically, because Kutcher and Moore have similar net worth, it is unlikely they will receive much in terms of settlement or support payments.

However, in the world of the super rich, they look like the hired help. News of Harold Hamm's divorce indicates that it may be the most expensive divorce ever. He is an Oklahoma oilman, and owns a majority stake in Continental Resources, valued at over $11 billion. He did not have a prenuptial agreement with his wife, so she will potentially receive half of that $11.3 billion in a property division from the divorce.

Unmarried relationships: endings without beginnings

Over the last 20 years, women have been marrying ever later in life. However, many of those women have not delayed becoming mothers. Recent data from the Centers for Disease Control and Prevention find that women in their 20s now make up 60 percent of the unmarried mothers.

Marriage, overall, is also declining, with many couples choosing to never marry. This means we have a large group of women who live with the fathers of their children for a while, but if their relationship fails, lack any of the protections that married women have under the law via a divorce. For them, there is no marriage, and no divorce, no property settlement, and no custody or visitation agreement.

Save money on your divorce: Don't do-it-yourself

Divorce, in the U.S., happens to many marriages. Recent statistics indicate that a little more than 50 percent of all marriages will end in a divorce. We also know divorce is stressful. The emotions that accompany having your life taken apart and put back together can try the best temperament. And, in addition to the emotional stress, there is the financial stress.

People sometimes think they can help themselves by saving some money by not going to a divorce attorney, and instead using a "Do-it-yourself" divorce kit. It is one of those tempting ideas, where you may think, "Wow, I can save so much money!" The real question is will you? As with many do-it-yourself projects, things have a way of getting out of hand, and property division is much more personal and complex than putting ceramic tile in your kitchen.

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