On behalf of Mowery Youell & Galeano, Ltd. posted in Spousal Support on Friday, May 24, 2013
Being ordered to pay a former spouse each month can be stressful for some in Ohio. However, it is common for a court to make a spousal support decision when a marriage ends in divorce. The time and amount of the payments varies depending on many factors.
In one recent case that may be of interest to our readers in Ohio, a woman in a divorce was ordered to pay her former husband $1,300 per month in spousal support. This is because she earned a higher income than her ex-husband. When the marriage ended, she began to make the payments, eventually paying him $22,000.
On behalf of Mowery Youell & Galeano, Ltd. posted in Property Division on Wednesday, May 15, 2013
Going through a divorce in Ohio means discussing many issues with a soon-to-be former spouse. These include the property division that must occur when a marriage ends. In many cases, these negotiations can become contentious when spouses disagree about who should own what asset after the divorce.
In one recent report that likely could interest our readers, an author noted that the value of an asset could fluctuate, even as a couple goes through the property division process. For example, a family home may not sell for the amount that it was appraised at or investments could fall rapidly due to fluctuations in the stock market. To avoid such issues, the author recommends planning before agreeing to terms in a divorce.
On behalf of Mowery Youell & Galeano, Ltd. posted in High-asset Divorce on Wednesday, May 8, 2013
When a couple in Ohio seeks to end their marriage in divorce, they must make a full disclosure of their financial status to each other and to the court. In fact, the financial disclosures must list all of the currently owned assets and income, in addition to any money that is to be gained from the sale of the asset are required. It is the sale of a high value asset that is at issue in one infamous divorce case on the west coast.
The divorce involves the former owner of the Dodgers MLB franchise and his ex-wife. At issue is the money that the husband gained when he sold the team and its related properties for an estimated $2.15 billion. The sale came just after he reached a settlement with his then-wife for what now seems to be a mere $131 million.
On behalf of Mowery Youell & Galeano, Ltd. posted in High-asset Divorce on Friday, May 3, 2013
Couples seeking to end their marriage in Ohio face many issues as they enter the dissolution process. Though all couples must work to divide the assets that they obtained during their marriage, for those with high earning careers, the issues in a divorce can be even more contentious than for those with lower value estates. This is because in a growing number of couples, it is not only the husband that earns a high salary, but also the wife.
In fact, the number of women who make more than their husbands has been steadily growing, a recent report notes. This has led to a slow, but sure, change in the negotiations surrounding the division of assets in some high-asset divorce cases. Now some husbands are seeking to obtain an order for spousal support or ownership of assets accumulated during a marriage.
On behalf of Mowery Youell & Galeano, Ltd. posted in Child Support on Wednesday, April 24, 2013
Readers in Ohio may be aware that one person recently won a huge Powerball jackpot. In fact, the Powerball jackpot was valued at $338 million. At the time that he won the lottery, the man was the non-custodial parent of his children. Three of the kids were the subjects of an order for child support, and the father was reportedly in arrears.
The man apparently owed some $30,000 in back child support. His kids range in ages from a 5-year-old up to 23. It is not clear which of the children were the subjects of the child support order that led to a warrant for the lottery winner, but the arrears apparently stemmed from a failure to pay dating back to 2009.
On behalf of Mowery Youell & Galeano, Ltd. posted in High-asset Divorce on Wednesday, April 17, 2013
Readers in Ohio know that when a high-asset couple decides to end their marriage in a divorce there can be many issues. Though soon-to-be former spouses must negotiate all aspects of the divorce, regardless of their wealth, those with large amount of cash and investments sometimes find it difficult to determine exactly how to divide a marital estate. This may be what is in the future for one husband and wife from another state that have gained local fame.
The couple in the case includes the Director of a major art museum and a woman who has worked as a model in the past. The two have been together for many years and have two children. It is unclear if they will share custody of the kids when the divorce is final.
On behalf of Mowery Youell & Galeano, Ltd. posted in High-asset Divorce on Thursday, April 11, 2013
Readers in Ohio may be surprised to hear that the number of members of the baby boomer generation seeking to end their marriages in divorce is increasing. In fact, one in three boomers is currently single. In addition, some 20 percent of all divorce filings in our country come from couples that are over the age of 50.
Many of those who are seeking a divorce in Ohio and elsewhere across the nation are ending not their first marriages, but rather a second union. A recent report notes that a second marriage is more than 2.5 times as likely as a first marriage to end in divorce. This is because, in part, baby boomers experienced high divorce rates during previous decades such as the 1970s and 1980s. During these times, younger boomers ended marriages due to changing gender roles.
On behalf of Mowery Youell & Galeano, Ltd. posted in Child Support on Thursday, April 4, 2013
Readers in Ohio know that child support payments are mandatory once they are ordered. In fact, in most divorce cases where a minor child is involved, the noncustodial parent must pay child support. This money is intended to help the custodial parent with the care and support of the child.
When a person in Ohio or elsewhere fails to pay the child support that they owe, a custodial parent has a variety of options as they seek to have the money collected. State agencies are tasked with assisting in this effort. Once found, those who have failed to pay child support can find that they face fines and even jail time in some cases.
On behalf of Mowery Youell & Galeano, Ltd. posted in Spousal Support on Thursday, March 28, 2013
The payment of spousal support is one of the issues that faces many couples as they divorce in Ohio. In many cases, the soon-to-be former spouse who has less income or opportunity for future employment may be awarded payments of spousal support. These payments can vary based on a number of factors, including the length of a marriage.
When a couple in Ohio enters into the divorce process, they often begin negotiations intended to divide the assets that were obtained during the marriage. In addition, spousal support is typically addressed during these meetings. In some cases, spouses are able to agree on the amount and duration of spousal support. However, if they are unable to agree, a court can be asked to make the decision.
On behalf of Mowery Youell & Galeano, Ltd. posted in High-asset Divorce on Saturday, March 23, 2013
There are many reasons that people in Ohio decide to end their marriage. Job loss, money problems and economic stressors are just a few of the factors that can play in the ending of a marriage. For some couples, the decision is influenced by their religious beliefs due to their possible impact on the negotiations that occur during the divorce process.
During the divorce process in Ohio, separating spouses must work to divide the assets of a marriage. In addition to personal property, if the couple has kids, they may find that they must work to determine issues such as child custody and visitation. Such matters can be influenced by one or more of the parents' religious beliefs.
