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November 2014 Archives

Collaborative family law in Ohio

Divorce can often be complex, emotionally intense and costly. Many couples seek to make the process easier by engaging in collaborative family law. According to Ohio statutes, collaborative family law is a process by which two spouses attempt to reach a dissolution of their marriage without bringing the matter to court. It often involves the two sides, along with their lawyers, sitting down together and having a civil and professional negotiation. A mediator is sometimes used to help the two sides reach agreement.

Court awards ex-wife of businessman nearly $1 billion in divorce

Ohio residents may not have heard that, following a divorce trial lasting more than two months, an Oklahoma judge ordered a man to pay his ex-wife a total of $995.4 million in 'property division alimony." For his part, the 68-year-old CEO of a major energy firm was awarded over $2 billion in marital assets. Altogether, his post-ruling net worth is approximately $14 billion, authorities estimate.

Can alimony be deducted as an expense on tax returns?

Ohio residents who make alimony payments to a former spouse may generally deduct these payments on their income tax returns if the agreement to make the payments was entered into after 1984. The spousal support payments may be deducted because the person who receives them is required to declare them as income on line 11 of their 1040 return. However, this deduction may not be taken for child support payments as child support is never tax deductible.

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