The dynamics of each divorce is different, and some Ohio couples are able to reach agreements on most issues in an amicable manner. Others go through extended legal battles that often include accusations of hidden assets and tax irregularities. The High Asset divorce of Pamela Anderson, the former Baywatch star, and Rick Saloman was recently finalized after months of contention. Pamela ultimately accepted $1 million as a divorce settlement.
Many couples who have substantial assets choose to utilize the services of experienced divorce attorneys who focus on high net-worth divorces. Decisions made about the division of marital assets, spousal support and child support need to be informed as they may impact the financial stability of both parties post-divorce. Tax implications need careful consideration as it is not uncommon for the IRS to audit couples after High Asset divorces.
When both spouses are citizens, property division and settlements have no tax implications, but the choices made during this process may have significant tax consequences in the future. Although no tax deductions are allowed for property settlement, alimony is deductable for the paying party and taxable for the receiving party. In order to avoid disputes over taxes and potential IRS audits, couples may want to ensure such funds are recorded correctly on post-divorce tax returns related to alimony, property settlement and child support.
An experienced Ohio High Asset divorce attorney will have the necessary experience to navigate the complicated matters of retirement funds and other finances. Clients will likely also benefit from the attorney’s resources for financial and tax advisors to ensure informed choices are made. In some circumstances, mediation services may help facilitate negotiations to bring about a fair division of liabilities and assets in a creative and practical manner. The divorce attorney can continue to represent the client throughout those sessions and in any subsequent court proceedings.
Source: Forbes, “Pamela Anderson Divorces Rick Saloman Again, Gets $1M Settlement“, Robert W. Wood, April 30, 2015