Keeping Control Of Ohio Divorce Expenses

Everyone knows how expensive an Ohio divorce can be, between the lawyers and the court costs you’re already talking about a substantial amount of money for most families. Complicated cases can lead to ballooning expenses when child custody issues arise or complicated finances exist. Throw in the bills for accountants, psychologists, custody evaluators and mediators and you’re talking about some serious money expended fighting your former partner. In some cases of especially egregious, a messy divorce is unavoidable, but these cases are few and far between and massive bills should not be expected in most normal cases.

Among the biggest ways to keep costs under control is to create a budget. Talking with an experienced Ohio family law attorney before launching your case and drawing up a limit is a good way to take the emotion out of the process. Coming up with a legal action plan where you work with your attorney to estimate costs in advance takes some of the possibility for heated decisions away. Rather than reacting in anger and lashing out, a legal case map that was done prior to the start of the process can help keep costs in check and your case on track.

Another critical way of keeping costs low is to avoid going to court at all costs. Solving the matter through negotiation with your spouse is by far the fastest and cheapest way to end a marriage. Mediation is another method to consider so that you can avoid appearing before a judge. The fact is that litigation is a very expensive process and your Ohio family law attorney will have to spend a considerable amount of time and money preparing for each court appearance, thus driving up your legal tab. Just remember that every minute your attorney works on your case is another minute you’ll be billed. By working things out privately you can take a big step to lower your overall divorce bills.

Another important strategy to keep costs under control is to try and stay sane while dividing up assets. In the midst of a divorce it can be hard to resist the urge to fight over every last cup and saucer, resist that temptation. You need to fight against the urge to argue and try to ask yourself whether it is worth thousands to fight over a couch that cost a few hundred.

If you find yourself facing the prospect of complicated divorce and have questions about your rights and options, contact an experienced Ohio family law attorney who can help guide you through the difficult process. Count on the expertise of Twinsburg family law attorney Carol L. Stephan.

Source: “How to Keep Divorce Costs Down,” by Deborah Jeff, published at HuffingtonPost.com.

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Important Tax Advice For Those In Ohio Preparing For Divorce

Though no one would disagree that tax time is a rough period regardless of your marital status, things become a lot more complicated if you are preparing for or are in the midst of an Ohio divorce. Nobody wants to deal with the expenses associated with tax time while paying for divorce lawyers, so it’s critical to avoid unnecessarily wasted money by following some important tax season advice.

First off, for those who are in the midst of divorce it is critically important to choose the right federal tax filing status. This can be tricky given that many people may not realize how to determine their status for the prior year. In reality, it’s pretty simple. Your filing status is decided by whether or not you were married on the last day of the previous year. That means if you were married on New Year’s Eve then you can file married and jointly. If you were solo already and your divorce was final, then you file your taxes as a single person.

The next thing that those going through a divorce need to be sure and do is claim all allowable tax exemptions. The biggie here is your child tax credit. The caveat is that only one spouse can claim the credit and only if certain conditions are met. Custodial parents are also allowed to take childcare tax credits as well as education tax credits for their dependent children. However, the child tax exemption can only be claimed by the custodial parent. The only possible exception to this rule is if the two parents agreed in advance that the noncustodial parent would take the exemption. If so, both parents must fill out the IRS Form 8332 to ensure that the exemption is transferred to the noncustodial parent.

Though everyone wants to get as many tax breaks as possible, it’s important to make clear that some things cannot be deducted. For instance, if you are paying child support in Ohio you are not permitted to deduct this from your tax bill. By the same token, those receiving child support payments can breathe easy knowing they do not have to include child support money as income.

Thankfully (depending on who you are), the same rules don’t apply to alimony or spousal support payments. For spousal support, those who pay the money can deduct it from their taxable income. On the other hand, the other spouse will have to claim alimony as income on his or her tax return.

Tax rules are tricky by themselves but can become downright overwhelming in the context of a stressful divorce. If you find yourself facing the prospect of complicated divorce and have questions about your rights and options, contact an experienced Ohio family law attorney who can help guide you through the difficult process. Count on the expertise of Twinsburg family law attorney Carol L. Stephan.

Source: “Divorce and Taxes: Five Things You Need to Know,” by Kelly Phillips Erb, published at Time.com.

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