Treneff Cozza Law, LLCColumbus Family Law Attorney | Dissolution Divorce | Mediation2024-02-27T17:39:21Zhttps://www.treneff.com/feed/atom/WordPress/wp-content/uploads/sites/1200802/2020/10/cropped-site-icon-32x32.jpgOn Behalf of Treneff Cozza Law, LLChttps://www.treneff.com/?p=490212024-02-17T22:02:50Z2024-02-22T22:01:13ZChild support laws
Ohio law mandates that parents provide financial support for their children until they reach the age of majority, which is typically 18. However, this obligation may extend beyond high school graduation if the child is attending college on a full-time basis. The court may order child support to continue until the child turns 21, with enrollment in an accredited educational institution.
Factors the court considers
When determining whether a divorced parent should contribute to their child's college expenses, Ohio courts consider various factors. These include the financial resources of both parents, the child's academic performance, the cost of tuition and other related expenses, as well as the child's own efforts to secure financial aid or scholarships. In-state college tuition in Ohio per academic year costs an average of $16,487.
Out-of-court agreements
In many cases, divorced parents can avoid lengthy legal battles by negotiating an out-of-court agreement regarding college expenses. These agreements may outline each parent's financial responsibilities, taking into account their respective incomes and assets.
Mediation or counseling
When disputes arise regarding college expenses, seeking mediation or counseling can be beneficial. Mediators can help facilitate constructive discussions between parents, ultimately reaching a mutually agreeable solution that prioritizes the child's best interests.
Ohio courts usually address college expenses and divorced parents on a case-by-case basis. The state encourages parents to work together as amicably as possible to navigate this complex issue effectively.]]>On Behalf of Treneff Cozza Law, LLChttps://www.treneff.com/?p=490102024-01-31T20:41:20Z2024-02-02T20:41:12ZNeglecting financial documentation
In 2022, 989,58 married women experienced a divorce. Those with significant assets had unique challenges and common mistakes. One of the biggest mistakes individuals make during high-asset divorces is failing to gather and organize financial documents. Therefore, create comprehensive records of your assets, liabilities and income sources.
Emotional decision-making
Divorce often evokes strong emotions, but allowing these emotions to guide financial decisions can be detrimental. Avoid making impulsive choices based on anger or resentment. Rational thinking will help you secure a favorable financial outcome.
Underestimating future expenses
Overlooking long-term expenses like education, healthcare, and retirement can lead to financial instability post-divorce. Therefore, anticipate your future financial needs. Consider consulting with financial experts to ensure your financial plan is comprehensive.
Ignoring tax implications
High-asset divorces have significant tax implications. Failing to consider these consequences can result in unexpected financial burdens. Seek advice from tax professionals to understand the tax implications associated with asset division and alimony.
Overlooking business assets
If you or your spouse owns a business, overlooking its value and implications can be a costly mistake. A proper valuation of the business allows for fair asset distribution. Ignoring this step may lead to disputes and financial losses.
Failing to update beneficiary designations
Do not neglect to update beneficiary designations on insurance policies and retirement accounts. Ensure that your beneficiary designations align with your current wishes to prevent complications down the road.
High-asset divorces require careful consideration and strategic planning. Do your due diligence to financial stability so you can embark on a new chapter with confidence.]]>On Behalf of Treneff Cozza Law, LLChttps://www.treneff.com/?p=490092023-12-20T16:42:50Z2023-12-21T16:42:05ZUnderstanding marital property
Marital property typically includes assets acquired during the course of the marriage. This may encompass real estate, bank accounts and other valuable assets. However, the classification of retirement accounts and investments as marital property hinges on various factors. Namely, it depends on whether you acquired them before or after marriage.
Contributions and joint efforts
The nature of contributions to these accounts also plays a crucial role. If both spouses actively contributed to the growth of the retirement accounts or investments, it is fair to treat them as marital property. The court may consider the joint efforts and financial contributions made by both parties during the marriage.
Prenuptial agreements
In some cases, couples may have a prenuptial agreement in place that explicitly outlines how assets. If retirement accounts and investments are part of the agreement, the terms will dictate the division of these assets in the event of a divorce. Such agreements can significantly influence the outcome of asset division.
Studies suggest that divorced people are 23% more likely to have no retirement savings compared to married couples. A lack of financial preparation prior to divorce may contribute heavily to this statistic, so it is important to plan accordingly when a separation is on the table.]]>On Behalf of Treneff Cozza Law, LLChttps://www.treneff.com/?p=490082023-12-07T19:45:56Z2023-12-07T19:45:56Z1. Preservation of privacy
Maintaining privacy during a divorce is a priority for many individuals. Unlike court proceedings that become part of the public record, mediation sessions are confidential. This allows couples to keep personal and financial details private, safeguarding their reputation and minimizing unnecessary exposure.
2. Customized solutions for asset division
Every high-asset divorce has its unique set of challenges, making a one-size-fits-all approach impractical. Through mediation, couples have the opportunity to craft personalized solutions for asset division. This ensures that both parties have a voice in determining the distribution of their assets, such as properties, investments and businesses.
3. Reduced emotional stress
Divorce, especially those involving significant assets, can be emotionally draining. Mediation, with its collaborative nature, promotes open communication and fosters a more amicable atmosphere. This often leads to reduced stress levels for both parties, allowing them to focus on practical solutions rather than getting entangled in emotional disputes.
4. Faster resolutions
Court proceedings can be lengthy and may prolong the emotional toll of a divorce. In 2022, the Ohio Courts of Common Pleas Domestic Relations Division had 96,862 incoming cases. Mediation, on the other hand, typically results in faster resolutions. The efficiency of the mediation process allows couples to move forward with their lives sooner.
Mediation in high-asset divorces offers a pragmatic and efficient way for couples to navigate the complexities of ending their marriage. Couples seeking a smoother path through the challenging terrain of high-asset divorce may find it to be a sensible and constructive choice.]]>On Behalf of Treneff Cozza Law, LLChttps://www.treneff.com/?p=490072023-10-21T15:26:31Z2023-10-21T15:26:31ZMarital vs. separate debts
The process must start with differentiating between marital debts and separate debts. Marital debts are those the couple incurs during the marriage for the benefit of the household or family. The law requires dividing these. Separate debts, on the other hand, are what a spouse incurs before the marriage or for their individual purposes. They often remain the responsibility of that spouse.
Negotiation and agreement
Couples can negotiate and agree upon how to divide their debts, either independently or with the assistance of a mediator. This can provide more flexibility and control over the process, allowing couples to find a solution that works for both parties.
Court intervention
In cases where couples cannot reach an agreement, the court may step in to determine how to divide debts. Courts will consider various factors, including the financial situation of each spouse, their ability to pay and the nature of the debt. The court also must follow the law when making decisions.
Creditors' rights
Even if a divorce decree assigns responsibility for a particular debt to one spouse, the divorce agreement is not binding for creditors. If both spouses signed the contract for the debt, the creditor can pursue either or both parties for payment. The bottom line is the divorce agreement does not remove legal obligations to creditors.
When dividing debts in a divorce, a couple must think about the long-term financial implications. The goal is not just to distribute debts but also to set up a plan that allows both parties to move forward without the burden of excessive financial obligations.]]>On Behalf of Treneff Cozza Law, LLChttps://www.treneff.com/?p=489872023-08-21T22:24:22Z2023-08-21T22:24:22ZRetirement accounts: who owns what?
In Ohio, retirement savings that a couple earns during the marriage is usually deemed marital property and subject to equitable division by the court, like a bank account.
If one spouse's name is on a retirement account, it is still considered marital property if the funds were acquired during the marriage. Any assets accrued when a couple is married belong to both spouses.
Fair and equitable asset division of assets
Ohio courts strive to divide assets fairly between spouses because they recognize that, in many cases, one spouse is the family's breadwinner while the other stays home to care for the children. The court’s goal is to consider both spouses as contributors to the marriage, even if they contribute differently.
Separate vs. marital property
If the spouses acquired retirement accounts before the marriage, it is more likely that the court will deem those assets—at least the portion of funds earned outside of the marriage—as separate property belonging to the person who earned them.
Dates matter
When the time comes to divide retirement accounts, dates matter. The court will look at the value of the retirement accounts on the date of the marriage, the date of separation, the date of filing, and the present value of the retirement accounts.
The court will make a fair and equitable distribution of retirement assets like any other marital property after evaluating all these factors.]]>On Behalf of Treneff Cozza Law, LLChttps://www.treneff.com/?p=489862023-08-05T04:44:28Z2023-08-08T04:44:21Zmediation to determine if it works for your case.
What is mediation?
Mediation offers a means for settling divorce without the courtroom appearances required for litigation. Couples work with a neutral third party (a mediator) to negotiate the settlement together in a private setting. Mediation is a collaborative and peaceful solution that sharply contrasts the environment of litigation.
How does mediation ensure confidentiality?
Divorce settlements reached through litigation become public records. Anyone can access public records and see the personal and financial details of your divorce. Mediation is private, which keeps it out of the court proceedings. Your personal details remain confidential when you choose mediation over litigation. This often encourages couples to share more openly and negotiate more freely.
Why is confidentiality important?
Divorce exposes details of your marital assets, which reveals your net worth. Your settlement can also reveal the grounds for your divorce. Since divorce is highly personal, keeping that information secure protects you and your soon-to-be ex.
Work with a mediator that you trust so that you feel more comfortable in open negotiations. Approaching mediation with good faith helps ensure a more positive and successful experience. Some situations require multiple mediation sessions to reach settlement agreements about all of the key components, so put in the time necessary for your settlement.]]>On Behalf of Treneff Cozza Law, LLChttps://www.treneff.com/?p=489842023-06-26T20:26:55Z2023-06-26T20:26:55ZOhio does not have the highest divorce rate around, it continues to see its fair share of divorces. In some cases, dissolution of the marriage provides a better option for legally ending a marriage.
The difference between divorce and dissolution
Although both options eventually have the same legal outcome, the processes of each vary greatly. The key difference between the two revolves around fault or the inability to agree upon terms. Going through a divorce means enlisting the help of the court system to determine a fair settlement. Dissolution involves the couple mutually agreeing on key issues, such as asset division and child custody.
The pros and cons of divorce
Divorce offers many advantages, especially for people who simply cannot get along or agree upon anything. The courts help resolve disputes and strive to ensure a balanced and equitable resolution. Divorce also requires a commitment both financially and regarding time. The process often takes a long time to happen and comes with a host of expenses, including legal and court fees.
The pros and cons of dissolution
For couples who still get along, dissolution often eases the process of going your separate ways. The spouses make all the decisions and submit the required documents to the court, making it more affordable and less time-consuming. Since it does not involve the courts, you cannot ask for a temporary order regarding child support or custody, as well as may lose out on any unknown assets.
Every separation has its own nuances, which makes looking at the different options important.]]>On Behalf of Treneff Cozza Law, LLChttps://www.treneff.com/?p=488912023-05-06T15:57:38Z2023-05-06T15:57:38Zmediation experience successful.
Approach mediation as a business transaction
Emotions run high in divorce settlements, making compromise a challenge. Treat the mediation process like a business transaction, separating the person and emotion of the situation from the decisions you need to make. Emotional separation helps you make rational, reasonable settlement decisions.
Know your boundaries
Set boundaries for yourself in the mediation process before it begins. Assess the assets and debts in the marriage, consider which ones are the most important to you and identify your top priorities. Those are your boundaries. Be ready to compromise on anything else in an effort to keep the things that matter most to you.
Prioritize your children’s needs
During your mediation process, keep your focus on what is best for your children. Prioritizing their needs helps to clarify the path for certain decisions and agreements. Customize visitation and custody agreements to meet your family’s unique situation, including school and sports schedules, work demands and your children’s preferences.
Separating your emotions from the process, setting clear boundaries and putting your children first help the mediation process go smoothly. Eliminate the emotional challenges and power struggles to come to mutually beneficial agreements.]]>On Behalf of Treneff Cozza Law, LLChttps://www.treneff.com/?p=488902023-04-29T00:47:36Z2023-04-29T00:47:36ZMediation can help you create a parenting plan that meets your children's needs.
What is a parenting plan?
A parenting plan is a legal document that outlines how you and your ex will co-parent your children. Your parenting plan should include a parenting time schedule and address such questions as:
Where will the children live?
Who is responsible for transportation?
Who pays for extracurricular activities?
What if one parent wants to move?
Who makes health care decisions?
The law provides general guidelines on these topics, but every family is different, and what works for other families may not work for yours. This is why it is important for you and your co-parent to draft your own parenting plan that suits your circumstances.
How can mediation help?
In mediation, a neutral third party helps you identify the areas in which you disagree and helps you work toward a solution. Even if your divorce is acrimonious, a mediator can help guide the conversation to ensure that you and your spouse remain focused on the best interests of your children.
Unlike a judge, a mediator does not make decisions for you. Rather, the mediator's job is to help you and your spouse negotiate. After creating a parenting plan in mediation, you must file it with the court. Once the court approves your parenting plan and parenting time schedule, they are legally binding.
Mediation can help you establish a functional co-parent relationship that serves the best interests of your child.]]>