10 Tragic Mistakes to Avoid in a High-Asset Divorce
Hoover Kacyon
August 7, 2024
Divorces bring hurdles and emotional turmoil. High-asset divorces are a unique challenge with more at stake. High-asset divorces are usually defined as divorces with over $1,000,000 in liquid assets, substantial business or real estate ownership, substantial investment account holdings, or combined annual incomes above $750,000. With these kinds of assets on the line, these are not "run of the mill" cases and should be handled by an attorney with added experience, credentials, and experience in these matters. Attorneys with education and experience in high-asset divorce cases know the following 10 mistakes to avoid in a high-asset divorce, as listed below.
1. Rushing to the courthouse:
Absent matters of financial misconduct or secreting of assets or marital funds, opting for a private negotiation with a skilled mediator can help avoid public litigation and achieve a fair settlement, as exemplified by high-profile cases like Bill and Melinda Gates. With high-net-worth individuals, privacy is even more important, and having an attorney experienced in avoiding litigation when it best benefits a client is key. Divorce mediation and dissolution of marriage proceedings present a more cost-effective and efficient alternative that allows for greater control over settlement terms, resulting in higher satisfaction rates and reduced chances of future legal disputes. Research shows that divorcing spouses who opt for mediation and/or dissolution also report higher compliance rates and fewer post-divorce conflicts than those who go through adversarial litigation in court.
2. Entitlement During Negotiations:
Feeling like your efforts during your marriage need to be reflected in your settlement may harm the process and are contrary to Ohio law. Acknowledging the contributions of both spouses can lead to a fairer division of assets and a more amicable divorce process because Ohio statutes are clear that any assets accumulated during the marriage are considered to be the joint effort of both spouses. Because of this, it's crucial to avoid entrenched positions driven solely by a sense of entitlement to preserve the assets both parties worked hard to accumulate for the benefit of the family (and not spending it all on divorce lawyers!).
3. Poor Choice of Divorce Attorney or Law Firm:
Opting for a "one size fits all" approach in choosing your legal representation can lead to being mismatched by a more skilled opposing counsel. Whether you want to settle your case quickly and amicably or desire more aggressive litigation, you need a lawyer and legal team who know the law well and have experience in your particular court system and the specific issues that are most important to you. For example, a general practitioner will not be as intimately aware of new and emerging issues in family law as someone who focuses the entirety of their practice in this specific field.
4. Hiding or Not Disclosing Assets:
During the divorce, you'll undergo a discovery process, where you disclose all your financial details, and your spouse will be required to do the same. Hiding or failing to disclose assets can have a disastrous outcome for the person engaging in such activity, which courts call "financial misconduct. Sometimes, forensic accounts are necessary to help discover the financial misconduct of an opposing party.
5. Forgetting About Estate Planning:
Wealthy couples often allocate assets for their children's future, but during a divorce, these funds can become a point of contention. Often, these matters can be resolved with adequate estate planning during and combined with the divorce process to ensure the assets are passed down to the next generation of family members.
6. Expecting Inheritances:
For high-asset couples, assuming future inheritances during divorce negotiations can lead to significant financial complications. While one spouse may anticipate an inheritance, there are no guarantees, and basing property division or spousal support agreements on potential inheritances can prolong disputes. Discussing how inheritance or potential inheritance may come into play when divorcing with a divorce professional early on is crucial to navigating such complexities effectively.
7. Not Considering Tax Implications:
With high-asset divorces come additional worries and tax implications, such as capital gains on selling real estate or liquidating investments. These matters can significantly impact asset division. Timing your divorce filing can also affect tax liabilities, making it essential to work with a divorce professional who understands these complexities and how to best navigate them to keep as much money in your pocket as possible and out of the hands of the government.
8. Not knowing the complexities associated with child and spousal support:
Child support guidelines in the U.S. can be challenging for high-income earners or self-employed individuals due to upper-income limits and variable income components. Ohio amended its child support rules in June 2023, but the spousal support laws have not been amended in nearly twenty years. Negotiating expenses beyond basic needs like food and shelter, such as car insurance or private school, becomes essential for divorcing parents, especially in high-income families with higher extraordinary costs. Specific factors for high-earning individuals also come into play post-divorce lifestyle expectations, varied compensation structures, and employment risks unique to high-level employees. Parties in high-net-worth divorces must consider these complexities and plan for future changes to avoid future court disputes years after the divorce has been finalized.
9. Lack of Financial Planning:
Typically, one spouse in high-asset cases manages household finances and understands the costs associated with maintaining their lifestyle, while the other spouse has less knowledge of the family's finances. The other spouse must become financially informed to avoid unrealistic settlement demands and prolonged, costly divorce proceedings that hinder reaching a negotiated settlement. After divorcing, however, both parties must change their lifestyles to understand their finances and how their former spouse's finances may continue to impact theirs. Having an attorney who can help navigate financial planning and make referrals to financial planning specialists can bring added security to someone in their post-divorce era
10. Misinformed expectations:
High-net-worth couples can divorce amicably by prioritizing their children's well-being, engaging in full financial disclosure, and negotiating with mutual respect. This approach preserves wealth and leads to a peaceful resolution that benefits everyone involved. However, this is not the case for everyone. Hiring a law firm familiar with high-asset divorce proceedings and splitting of property will significantly impact how you are protected and your future. No matter how complicated or complex your divorce might be, the Hoover Kaycon Attorneys at Law serving Akron, Cuyahoga Falls, and Fairlawn are here to answer your questions and help you through the process. We promise we know much more about this than your sister's neighbor's cousin!
At Hoover Kacyon, LLC, we deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at
330-922-4491 or
contact us online to make an appointment.
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Divorce marks a significant change in life, not just emotionally but also financially. Understanding how to protect your investments through this transition is crucial to setting a stable foundation for your future. Here, we outline essential steps to help safeguard your assets and navigate the process effectively. 1. Know Your State’s Property Division Laws State laws guide the division of assets in divorce, which generally follow either community property or equitable distribution principles. Ohio follows equitable distribution of property , which aims for fairness, not necessarily a 50/50 split. In either case, any property acquired during the marriage is typically considered “marital property” and subject to division. Knowing your state’s approach can help you prepare and plan strategically. 2. Inventory Your Assets A critical early step is identifying all your financial and investment accounts. Even if you haven’t managed the finances before, it’s essential to familiarize yourself with account details, including types of ownership (joint or individual), balances, and access information. This step will provide a clearer picture of your marital assets and help prevent any surprises later. 3. Consider Consulting a Financial Advisor A financial advisor can be invaluable, especially if you and your spouse have substantial investments. They can help create a marital net worth statement, calculate tax implications, and guide you through potential pitfalls. If you previously shared an advisor with your spouse, consider hiring an independent one to avoid conflicts of interest. An advisor will also help you build a post-divorce financial plan and protect your credit. 4. Update Beneficiaries Divorce is an ideal time to review and update beneficiary designations on your investment accounts, as these take precedence over wills. Neglecting to update beneficiaries could unintentionally benefit your ex-spouse. Simply log in to your accounts or contact your financial institution to make these changes. 5. Document Contributions  In equitable distribution states, the court considers each spouse’s contributions to the marriage. If you made financial sacrifices, such as paying down debt or managing a home renovation, keep records as evidence. This documentation could strengthen your case for a fair share of the assets. Dividing Investments in Divorce Investment accounts, especially retirement plans, can be challenging to divide. Workplace retirement plans like 401(k)s require a Qualified Domestic Relations Order (QDRO) to allocate funds to an ex-spouse without incurring penalties. Understanding the tax implications of different account types—such as traditional IRAs versus Roth IRAs—is also important, as the long-term impact can vary. In Essence Divorce is undeniably difficult, but taking the proper steps can safeguard your financial future. By working with a financial advisor and understanding your rights, you can approach asset division with clarity. At Hoover Kacyon, LLC, we understand the complexities of divorce and asset protection. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.
Spousal support, formally known as alimony , is often a central issue in divorce cases, designed to ensure financial fairness and provide stability to a spouse after a marriage ends. In Ohio, spousal support laws aim to assist dependent spouses as they transition to financial independence, making it essential for those going through a divorce to understand the process. Who Qualifies for Spousal Support? Ohio bases spousal support eligibility on several factors, including the duration of the marriage, the standard of living during the marriage, each spouse’s earning potential, age, health, and contributions to the household. Courts take these factors into account when deciding if support is warranted and, if so, how much and for how long. Types of Spousal Support in Ohio Ohio law recognizes different types of spousal support. Temporary support may be provided during the divorce process to help a spouse meet immediate needs. Short-term support can assist a spouse in adjusting to new financial realities, while long-term or permanent support may be awarded in situations where one spouse cannot achieve financial independence due to age, health, or other factors. How is Spousal Support Calculated? Unlike some states, Ohio does not use a specific formula to calculate spousal support. Instead, the court examines both parties’ income, earning capacity, financial needs, and any existing child support obligations. This case-by-case approach allows for flexibility in determining fair support but also requires careful consideration of each unique situation. Adjusting and Ending Spousal Support Spousal support orders are not always permanent. They can be modified or terminated under specific circumstances, such as job loss, retirement, or a significant change in the financial status of either spouse. In many cases, support will automatically end if the recipient spouse remarries or if the court deems the original order no longer necessary. Tax Implications for Spousal Support Since the 2018 Tax Cuts and Jobs Act, spousal support payments are no longer tax-deductible for the payer, and recipients do not have to declare them as taxable income. Understanding these tax changes is vital for those negotiating or paying spousal support, as they can impact overall financial planning. Negotiating Outside of Court Divorcing couples can also negotiate spousal support outside the courtroom through mediation or collaborative divorce, allowing for greater flexibility and more personalized agreements. This process can be less contentious and give both parties more control over the outcome. The Importance of Legal Representation Navigating Ohio’s spousal support laws can be challenging, and it’s essential to have skilled legal guidance. The experienced family law attorneys at Hoover Kacyon, LLC, serving Akron, Cuyahoga Falls, and Fairlawn, can help you understand your rights and obligations, work through negotiations, and represent your interests in court. Whether you’re seeking or contesting spousal support, Hoover Kacyon, LLC is here to guide you through each step of the process. For a comprehensive consultation and to explore your options, contact us today at 330-922-4491 or reach out to us online.
Parents in Ohio who either pay or receive child support often have misconceptions about how the system works. These misunderstandings can cause frustration and conflict between parents, sometimes leading to unnecessary legal battles. To avoid confusion, it's important to understand the facts about child support. Below are six common myths and the truths behind them. Myth #1: Child Support Is Based on the Child's Needs Truth : While a child's needs are considered, the primary factor in determining child support is the income of both parents. Ohio uses a specific formula that combines the gross income of both parents, taking into account certain deductions like local taxes, support for other children, or spousal support. The aim is to ensure a fair distribution of child-rearing costs based on the parents' financial situations. Myth #2: Child Support Must Only Be Spent on the Child Truth : Child support is meant to contribute to the child’s overall welfare, but there’s no strict requirement for how it is spent. In Ohio, support can be used for housing costs, utilities,transportation, food, and even entertainment. While these expenses may also benefit the custodial parent, they don't make the spending improper. Only in extreme cases where the child’s needs are neglected would the court intervene. Myth #3: Moving Out of State Cancels Child Support Obligations Truth : Relocating to another state or even outside the country does not relieve a parent from their responsibility to pay child support. The obligation remains, regardless of where a parent lives. Courts and agencies can enforce child support orders across state and national borders. Myth #4: Quitting a Job Can Eliminate the Duty to Pay Child Support Truth : A parent cannot simply avoid child support by quitting their job. If a parent intentionally becomes unemployed to avoid payments, the court may continue to enforce the original support order. Judges may base payments on the parent's potential income or assign an obligation based on minimum wage. Myth #5: Having Children with a New Partner Lowers Child Support Truth : The number of children a parent supports is a factor in determining child support, but having more children doesn’t automatically lower payments. If a parent’s income increases with a new partner, child support could stay the same or even rise depending on the circumstances. Myth #6: Child Support Ends When the Child Turns 18 Truth : In Ohio, child support typically ends when a child turns 18, but exceptions exist. Support may continue if the child is still in high school or is disabled and unable to support themselves. Additionally, the obligation will continue if parents agree in a divorce settlement to extend support past 18. By understanding the facts and clearing up these misconceptions, parents can navigate the child support process with less confusion and conflict. Hoover Kacyon, LLC, is a trusted partner in child custody legal matters, delivering results through our unwavering dedication, vast experience, and proven track record in litigation and appeals. The Akron, Fairlawn, and Cuyahoga Falls Hoover Kacyon, LLC Attorneys at Law are here to assist you with the sensitive nature of child custody cases. If you need assistance, know that we deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.
When people think about dividing assets in a divorce, they often focus on the larger, more obvious items such as houses, cars, and real estate. However, in high-income divorces, other significant assets come into play and must be considered during property division. These assets are often classified as high-value property. What Qualifies as a High-Value Property? No specific financial threshold qualifies an asset as high-value, but certain items are generally regarded as such due to their worth. These include: Artwork Collectibles Family heirlooms Jewelry (i.e., wedding rings and engagement rings) Vacation homes or investment properties Luxury vehicles Marital vs. Separate Property Marital property includes anything that either spouse acquired during the marriage, regardless of whose name is on the deed or title. For instance, even if only one spouse’s name appears on the title of a vehicle or the deed to a home, it is still considered marital property and will be subject to division. In contrast, separate property refers to items one spouse owned before the marriage. Personal gifts and inheritances received by one spouse (unless gifted by the other spouse) are also considered separate property and generally not subject to division. Retirement Accounts Retirement accounts, such as 401(k)s, IRAs, and pensions, are considered marital property if contributions were made during the marriage. Since pensions often represent a large portion of a person’s investments, they are frequently a major point of contention in high-income divorces. Equitable Distribution Ohio courts follow the principle of equitable distribution, meaning property is divided fairly , though not necessarily equally. This approach can complicate the division of high-value assets, especially since only some things can be easily split. Equitable distribution doesn't always mean a 50/50 division but rather what the court deems fair based on the specifics of the marriage. In high-income divorces, spousal support may favor the lower-earning spouse. This factor can create more disputes over how to divide assets, particularly when both spouses contribute to accumulating high-value property. Equitable Distribution Factors Judges in Ohio consider several factors when deciding how to divide marital assets, including: The duration of the marriage Each spouse’s income and separate assets Whether there are children and custody arrangements The standard of living maintained during the marriage The health and age of each spouse Division of High-Value Property Dividing property is straightforward for liquid assets like cash. However, high-value items like real estate or artwork are more difficult to split. Couples are encouraged to reach an agreement on how to handle these assets, as this can be quicker and less expensive than going to court. If no agreement is made, one spouse may keep the asset while compensating the other with an equivalent value in different assets. Concealing High-Value Property In some high-income divorces, one spouse may attempt to hide assets to avoid losing them in the divorce. Methods of concealing assets include underreporting income, hiding assets with third parties, or deferring raises. Hiding assets is illegal and can lead to severe penalties if discovered. If you suspect this behavior a divorce attorney who can work with financial experts to uncover hidden assets. Hiring a law firm familiar with high-value divorce proceedings and splitting of property will significantly impact how you and your future are protected. No matter how complicated or complex your divorce might be, the Hoover Kaycon Attorneys at Law serving Akron, Cuyahoga Falls, and Fairlawn are here to answer your questions and help you through the process. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.
In the United States, over half of previously-married families are either remarried or recoupled, leading to many children having step-parents. However, the rights of step-parents in shared custody situations can be complex and limited compared to biological parents. Understanding these rights is crucial for maintaining a positive relationship between biological parents, step-parents, and the children involved Step-Parent Rights in Joint Custody Arrangements Legal Limitations and Permissions Medical Decisions: Step-parents cannot consent to medical treatments for their step-children without a signed consent form from at least one of the biological parents. In emergencies, step-parents can take the child to the hospital but need to obtain consent to treat from whichever parent is charged with making medical decisions. If both natural parents have medical decision-making authority, either of them could allow a step-parent to treat the child; however, a step-parent should never circumvent the rights of the biological parents to act. Educational Access: Under the Family Educational Rights and Privacy Act (FERPA), step-parents can access school records and attend school events if the child lives with them part-time, absent a state court order to the contrary. However, it's advisable to have written consent from at least one of the biological parents. Also, step-parents should never seek to circumvent the biological parents. Custodial and Disciplinary Participation: Step-parents may be required to follow existing custodial and disciplinary agreements set by a judge during the biological parents' divorce. Adherence to these guidelines is expected for the step-parent. If not, the court can hold the step-parent's spouse accountable for allowing a step-parent to act in an inappropriate or overreaching manner. To avoid nasty and costly legal battles, it is highly advisable that a step-parent NEVER engage in corporal punishment. Gaining Legal Footing: The Complexities of adoption, step-parent guardianship and visitation matters. Adoption and Guardianship Adoption: In most states, there are proceedings for step-parents to adopt their stepchildren if the other biological parent has abandoned the child or has failed to financially support the child. However, these scenarios do not occur often when biological parents have a shared custody arrangement since abandonment by at least one parent is the prerequisite. Legal Guardianship: A legal guardianship grants some legal authority to a non-parent without requiring a biological parent to permanently give up the rights to their child. However, it's challenging to obtain if both biological parents are capable and involved. Visitation Rights: Post-divorce from a biological parent, former step-parents can seek visitation rights to maintain their relationship with their former step-child, but there are complexities involved. Legal support can assist in understanding and obtaining these rights. Seek Professional Legal Guidance For step-parents navigating shared custody situations and/or who need assistance in understanding and exercising their roles, knowledgeable legal support is crucial. The family law experts at Hoover Kaycon Attorneys specialize in representing step-parents in all of these matters and can help ensure step-parents have smooth integration into shared custody arrangements. With extensive experience and a track record of success, the lawyers at Hoover Kacyon, LLC are committed to helping you achieve your goals and maintain healthy family dynamics. By focusing on mediation, fair negotiations, and realistic expectations, the attorneys at Hoover Kaycon LLC can help step-parents successfully navigate the complexities of blended families. The Akron, Fairlawn, and Cuyahoga Falls Hoover Kaycon, LLC Attorneys at Law are here to assist you with the sensitive nature of child custody cases. If you need assistance, know that we deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.
Imagine having a trusted ally ready to manage your affairs and uphold your wishes, even when you can't—this is the power of establishing a Power of Attorney . What is a Power of Attorney? A Power of Attorney (POA) is a legal document that allows you to appoint someone to handle your financial, legal, or health-related matters. This appointed person, your agent or attorney-in-fact, can have broad or specific powers based on your preferences and needs. Safeguarding Your Interests By having a POA, you ensure your interests are protected if you cannot make decisions. Your agent can manage your finances, pay bills, and make critical financial decisions, preventing potential financial abuse and ensuring your affairs are in order. Honoring Your Wishes A POA ensures your wishes are respected, even if you cannot communicate them yourself. You can provide detailed instructions on end-of-life care or asset distribution, avoiding potential disputes and confusion among family members. Avoiding Legal Hassles Without a POA, a court might have to appoint a guardian or conservator to handle your affairs if you become incapacitated. This process can be lengthy and costly and may result in someone you do not trust making decisions for you. A POA helps you avoid this scenario by giving you control over who will act on your behalf. Peace of Mind A POA offers peace of mind by designating a trusted person to manage your affairs and make decisions for you. This designation alleviates stress not only for you but, your loved ones, knowing that your interests and wishes are safeguarded. Protect Your Future Establishing a Power of Attorney is crucial in planning for the future. It protects your interests,ensures your wishes are followed, helps avoid legal complications, and provides peace of mind for you and your family. Understanding and utilizing this essential legal tool can help you confidently navigate any uncertainties that may arise. The Akron, Fairlawn, and Cuyahoga Falls Hoover Kaycon, LLC Attorneys at Law are dedicated to supporting our clients. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.
When a relationship ends, creating new parenting arrangements can be challenging. However, co-parenting effectively is crucial for the well-being of your children. Keeping parents involved in a child's life usually benefits the child, but it requires careful planning and cooperation. Here are some essential guidelines and tips to help you navigate the complexities of co-parenting. The Importance of Co-Parenting The primary goal of co-parenting is to ensure that children maintain healthy and safe relationships with both parents. This harmonious relationship often means making compromises and working through practical issues. For instance, you and your co-parent might want equal time with your child, but this might only sometimes be feasible due to various factors. Additionally, geographical distance between parents can complicate living arrangements, though children generally fare better when parents live close to each other. Establishing a Co-Parenting Plan A well-thought-out co-parenting plan is essential. This plan should clearly outline care arrangements, parental responsibilities, and the dynamics of the new parental relationship. Key elements to include are: Visitation Schedule: Define when and how each parent will spend time with the child. Education: Ensure both parents are involved in educational decisions and activities. Finances: Agree on financial responsibilities for the child's upbringing. Medical Needs: Outline how to handle medical care and emergencies. Holidays and Special Events: Plan how to spend holidays and birthdays. Decision-Making: Establish guidelines for resolving disputes and making joint decisions. Backup arrangements are also crucial. Discuss contingency plans for unexpected situations, such as a child falling ill and needing to stay home from school. Communication methods, such as in-person meetings, phone calls, or emails, should be agreed upon. Flexibility and Adaptability Flexibility is vital in co-parenting. For example, a child starting school or participating in new activities might require adjustments in the parenting plan. Accepting different parenting styles is also important. While preferences might differ, focus on your child's health and safety rather than minor disagreements. Promoting Positive Relationships Encouraging your child to stay connected with their other parent helps them feel secure. Displaying family photos that include the other parent and speaking positively about their time together fosters a supportive environment. Keep the other parent updated on your child's activities and milestones through shared calendars or communication apps. Handling Special Celebrations Special days like holidays or birthdays can be challenging. Some parents split the day, while others alternate celebrations yearly. Creating new traditions while preserving some old ones can make these occasions enjoyable for everyone. It's essential to discuss these plans with your child and, if appropriate, include them in the decision-making process. Coping with Emotions Co-parenting can evoke feelings of loss and loneliness when your child is with the other parent. Use this time to focus on self-care, such as exercising, spending time with friends, or pursuing hobbies. Planning activities can help manage these emotions and provide a positive distraction. Seeking Professional Help If creating or adjusting a co-parenting plan proves difficult, seek assistance from family dispute resolution practitioners, mediators, or relationship counselors. Resources like The Ohio State University in-person or online courses and information found on the Center for Family Safety and Healing website can also provide valuable support. Successful co-parenting requires patience, communication, and a willingness to adapt. Focusing on your child's needs and maintaining a cooperative relationship with your co-parent can create a nurturing and stable environment for your child to thrive in. The Akron, Fairlawn, and Cuyahoga Falls Hoover Kaycon, LLC Attorneys at Law are here to assist you with the sensitive nature of family law cases. If you need assistance, know that we deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.
Divorces bring hurdles and emotional turmoil. High-asset divorces are a unique challenge with more at stake. High-asset divorces are usually defined as divorces with over $1,000,000 in liquid assets, substantial business or real estate ownership, substantial investment account holdings, or combined annual incomes above $750,000. With these kinds of assets on the line, these are not "run of the mill" cases and should be handled by an attorney with added experience, credentials, and experience in these matters. Attorneys with education and experience in high-asset divorce cases know the following 10 mistakes to avoid in a high-asset divorce, as listed below. 1. Rushing to the courthouse: Absent matters of financial misconduct or secreting of assets or marital funds, opting for a private negotiation with a skilled mediator can help avoid public litigation and achieve a fair settlement, as exemplified by high-profile cases like Bill and Melinda Gates. With high-net-worth individuals, privacy is even more important, and having an attorney experienced in avoiding litigation when it best benefits a client is key. Divorce mediation and dissolution of marriage proceedings present a more cost-effective and efficient alternative that allows for greater control over settlement terms, resulting in higher satisfaction rates and reduced chances of future legal disputes. Research shows that divorcing spouses who opt for mediation and/or dissolution also report higher compliance rates and fewer post-divorce conflicts than those who go through adversarial litigation in court. 2. Entitlement During Negotiations: Feeling like your efforts during your marriage need to be reflected in your settlement may harm the process and are contrary to Ohio law. Acknowledging the contributions of both spouses can lead to a fairer division of assets and a more amicable divorce process because Ohio statutes are clear that any assets accumulated during the marriage are considered to be the joint effort of both spouses. Because of this, it's crucial to avoid entrenched positions driven solely by a sense of entitlement to preserve the assets both parties worked hard to accumulate for the benefit of the family (and not spending it all on divorce lawyers!). 3. Poor Choice of Divorce Attorney or Law Firm: Opting for a "one size fits all" approach in choosing your legal representation can lead to being mismatched by a more skilled opposing counsel. Whether you want to settle your case quickly and amicably or desire more aggressive litigation, you need a lawyer and legal team who know the law well and have experience in your particular court system and the specific issues that are most important to you. For example, a general practitioner will not be as intimately aware of new and emerging issues in family law as someone who focuses the entirety of their practice in this specific field. 4. Hiding or Not Disclosing Assets: During the divorce, you'll undergo a discovery process, where you disclose all your financial details, and your spouse will be required to do the same. Hiding or failing to disclose assets can have a disastrous outcome for the person engaging in such activity, which courts call "financial misconduct. Sometimes, forensic accounts are necessary to help discover the financial misconduct of an opposing party. 5. Forgetting About Estate Planning: Wealthy couples often allocate assets for their children's future, but during a divorce, these funds can become a point of contention. Often, these matters can be resolved with adequate estate planning during and combined with the divorce process to ensure the assets are passed down to the next generation of family members. 6. Expecting Inheritances: For high-asset couples, assuming future inheritances during divorce negotiations can lead to significant financial complications. While one spouse may anticipate an inheritance, there are no guarantees, and basing property division or spousal support agreements on potential inheritances can prolong disputes. Discussing how inheritance or potential inheritance may come into play when divorcing with a divorce professional early on is crucial to navigating such complexities effectively. 7. Not Considering Tax Implications: With high-asset divorces come additional worries and tax implications, such as capital gains on selling real estate or liquidating investments. These matters can significantly impact asset division. Timing your divorce filing can also affect tax liabilities, making it essential to work with a divorce professional who understands these complexities and how to best navigate them to keep as much money in your pocket as possible and out of the hands of the government. 8. Not knowing the complexities associated with child and spousal support: Child support guidelines in the U.S. can be challenging for high-income earners or self-employed individuals due to upper-income limits and variable income components. Ohio amended its child support rules in June 2023, but the spousal support laws have not been amended in nearly twenty years. Negotiating expenses beyond basic needs like food and shelter, such as car insurance or private school, becomes essential for divorcing parents, especially in high-income families with higher extraordinary costs. Specific factors for high-earning individuals also come into play post-divorce lifestyle expectations, varied compensation structures, and employment risks unique to high-level employees. Parties in high-net-worth divorces must consider these complexities and plan for future changes to avoid future court disputes years after the divorce has been finalized. 9. Lack of Financial Planning: Typically, one spouse in high-asset cases manages household finances and understands the costs associated with maintaining their lifestyle, while the other spouse has less knowledge of the family's finances. The other spouse must become financially informed to avoid unrealistic settlement demands and prolonged, costly divorce proceedings that hinder reaching a negotiated settlement. After divorcing, however, both parties must change their lifestyles to understand their finances and how their former spouse's finances may continue to impact theirs. Having an attorney who can help navigate financial planning and make referrals to financial planning specialists can bring added security to someone in their post-divorce era 10. Misinformed expectations: High-net-worth couples can divorce amicably by prioritizing their children's well-being, engaging in full financial disclosure, and negotiating with mutual respect. This approach preserves wealth and leads to a peaceful resolution that benefits everyone involved. However, this is not the case for everyone. Hiring a law firm familiar with high-asset divorce proceedings and splitting of property will significantly impact how you are protected and your future. No matter how complicated or complex your divorce might be, the Hoover Kaycon Attorneys at Law serving Akron, Cuyahoga Falls, and Fairlawn are here to answer your questions and help you through the process. We promise we know much more about this than your sister's neighbor's cousin! At Hoover Kacyon, LLC, we deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.
While no one enters a marriage with the intention of it ending, sometimes the love runs out, or you grow apart. When the time comes, do you need an annulment, a dissolution, or a divorce? Let’s examine each option more closely to give you a better idea. Annulment “Annulment” may be a familiar term, but it is the rarest choice as a form of separation. An annulment deems a marriage legally invalid due to issues present when the marriage was formed. Situations warranting annulments include minors entering marital contracts, lack of capacity (such as insanity or drunkenness), and cases involving fraud, mistake, or duress. Despite these grounds, annulments can be difficult to obtain because of a strong public policy favoring the preservation of marriages. Dissolution Dissolution of marriage is a more amicable term for the separation of spouses. Ohio pioneered No-Fault divorce laws, was the first state to enact dissolution laws. Dissolutions allow couples to settle their separation without going to court by signing a petition for relief. This process involves the parties resolving issues like spousal support, property division, and parental rights, with a judge then reviewing and finalizing the agreement, leading to a more harmonious split. Divorce Divorce is the most well-known method of ending a marriage and involves a judge deciding on issues like property division, child and spousal support, and custody. In Ohio, if the couple can resolve these matters out of court, the process is handled through dissolution. When couples cannot reach an agreement and require court intervention, it proceeds as a divorce. Ohio's Domestic Relations courts typically follow No-Fault grounds, with irreconcilable differences being the most common reason for divorce. Hiring a law firm familiar with the different ways to end a marriage will significantly impact how you are protected and your future. Knowing and taking the proper steps for an annulment, dissolution, or divorce. No matter how simple or complex your division might be, the Akron, Cuyahoga Falls, and Fairlawn, Ohio, Hoover Kaycon Attorneys at Law are here to answer your questions and help you through the process. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.
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Once you receive the terms of your divorce decree, you may not like everything you read. Should that be the case, you have options. Appeal or Object If a magistrate issued the decree, you need to file an objection before you can appeal. You have 14 days to file an objection. If a judge issued the decree, you have the right to file an appeal or a motion for relief from the judgment. You have 30 days to file your appeal. Follow Detailed Procedure When you appeal or object to a divorce decree, you must adhere to the specifics for either option. With an objection, you need to write it with detailed accounts of what you believe to be errors in the decision. You also need to include the trial transcript. The court can adopt, reject, or modify the decision without a hearing based on your objections. An appeal needs to follow appellate court rules. Each appellate court has its own rules to “perfect” an appeal, which you must strictly follow so your appeal doesn’t get dismissed. The appeal needs to have the decree attached, a docketing statement, a written order asking the clerk to provide the trial record (referred to as a “praecipe”), and a notice about praecipe in place. You must pay the filing fee when you file the documents. The court will issue a notice with deadlines to submit appellate briefs. These briefs should contain your side of the facts and arguments about what you think should be reversed. Your ex-spouse will have the same opportunity. Then, you both may present your arguments to a panel of three appellate judges. Other Options Even after the appeals process ends, the court may change its decision in response to your “motion for relief from judgment.” You may file this motion if: A mutual mistake to a fact in the case happens by both parties, your rights are affected by not paying careful attention to the divorce proceeding, unexpected and unpredictable surprise occurs that you could not have protected yourself against, or excusable neglect under the situation New evidence emerges that wouldn’t have come to light in time for a new trial Other party’s misrepresentation, fraud, or misconduct Any other reason justifying a decision change You must file your motion within a reasonable time, but only up to a year post-decision filing date. There’s no time limit if the reason is “any other reason” that justifies changing the decision. If you want to legally terminate your marriage or seek advice regarding your rights, we encourage you to contact our Akron, Cuyahoga Falls, or Fairlawn divorce attorneys at Hoover Kacyon, LLC. They are ready to assist you in scheduling an appointment to discuss the possibility of divorce (or terms of your divorce decree) and what it will entail. If you have been served with divorce papers by your spouse, acting promptly and securing legal representation is crucial. You must meet specific court-mandated deadlines, and by contacting us at 330-922-4491 or reaching out to us online, we can swiftly arrange an initial consultation for you.
When you’re in the depths of grief, bills are the last item you want to think about. Yet, those bills will come anyway and must be addressed sooner rather than later. Preparing so you know what to expect can alleviate some of the stress. Responsible Party for Bills For anyone who passes, the “estate” is responsible for any outstanding bills. If a will exists, the executor should collect property to pay debts and distribute any remaining balance to the will's beneficiaries. Ohio law states that the court will appoint an administrator to collect, pay debts, and distribute the remainder if no will is in place. This administrator is usually a family member. The administrator or executor representative will likely take care of funeral and burial arrangements. Ohio law does allow a special representative to be authorized through a document to handle the funds for the funeral and make arrangements if desired. Estate Dries Up If debts exceed assets, the representative can request the court to deem the estate insolvent. Creditors must reach out to the representative within six months of the death. A court hearing following that period will help the representative decide how to pay the debts accordingly. The debts will be allocated by class for the order of priority on who gets paid in full and the amount each other will receive. Once organized and paid, receipts will be submitted to the court, and the estate will be closed when the court approves everything. Other Important Information If no one wishes to act as a representative, a creditor may request the probate court to appoint them, or the court may choose an independent attorney or someone willing to serve. Most non-probate property is only subject to creditors’ claims if offered as security for a loan. The deceased’s spouse may be responsible for any joint debt like credit cards and if anyone provided necessities to be paid back like food, shelter, or health costs. How Can I Prepare for My Future Costs? To ensure your family is taken care of upon your death, you can buy a pre-need burial contract to cover your funeral and burial costs. Set aside enough money to pay off your debts, and purchase life insurance now at a reasonable amount. If bill payment is a concern, the policy beneficiary should be your estate. Those funds are only obligated to be used for bill payment if the beneficiary will be your estate representative or you have made arrangements with the beneficiary to pay your debts with the insurance money. The experienced estate planning attorneys at Hoover Kacyon LLC are ready to help you plan for the future. Our will and trust lawyers can help you by drafting the estate planning documents you need to ensure that your property and assets are transferred to the people you desire and that your bills are properly tended to when you are no longer here to do so yourself. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.
Divorce disrupts your life in many ways. When you’ve been married many years, transitioning to a single-income household can deplete your savings, too. Being close to retirement means you must take steps to avoid making your life harder in the case of a dissolving union. Assets Inventory One partner is usually more versed in the finances than the other. Make sure you have a good understanding of bank accounts, retirement accounts, investments, life insurance, and any other assets you hold. Keeping House Keeping your home may seem less disruptive, but consider all the angles first. You need to be able to cover the mortgage costs plus maintenance on the property. Know Debts Getting a credit report can help you discover any joint payment responsibilities you may be liable for half of when you split. The report ensures you have each one accounted for without surprises during the divorce. Tax Consequences Remember that every decision you make during divorce proceedings has tax implications. Having that in the forefront of your mind will help dictate your decisions. Health Insurance If you’re on your soon-to-be ex’s health insurance, look into your options now. Another cost to ensure you can cover for yourself. Through an employer, COBRA for up to 36 months, or the Affordable Care Act, put that on your list to ensure you handle it. Retirement Funds Placing your portion of a retirement fund into an IRA is subject to 10% tax. Establishing a QDRO (qualified domestic relation order) can help that process, allowing a one-time withdrawal without the standard tax. Supporting Others Others often rely on you, whether friends, grown children, or other family members. Watch your income and protect your future as a priority so you know when you have the means to help others. Hiding Assets The temptation to hide assets so it looks like you have less than you do may be high, but the legal troubles this could cause would not be worth the attempt. The settlement for your spouse could increase in assets, you could receive a contempt-of-court ruling, or you could face perjury or fraud charges. Underestimating Expenses You may need to create or adjust your budget now that you will no longer have two incomes to pay your bills. Factor all that in so you don’t find yourself in a bind when payments are due. Divorce Advisors The cost of the advisors comes from the settlement you receive, so bear that in mind. Stay on top of what they are spending for you so you aren’t taken by surprise as they charge by the hour each time you consult their expertise. Future Pension Any part of a pension earned during a marriage is part of the assets. You can receive a share of future benefits, present or offset value, and any combination of those two may be factored into the divorce. Professional Team The minimum you should have is a divorce lawyer, but you are entitled to an entire team of professionals to help you through your dissolution. Check credentials and do your due diligence before hiring anyone so you have the highest quality of service possible. Hiring a law firm familiar with divorce proceedings and splitting of property will significantly impact how you are protected. No matter how complicated or complex your divorce might be, the Akron and Cuyahoga Falls Hoover Kaycon, LLC Attorneys at Law are here to answer your questions and help you through the process. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.
When you believe a judge has made a mistake in a case, you would ask a higher court for an appeal where the higher court judge reviews the judgment. You have an appellant (litigant who filed the appeal) and an appellee (litigant the appeal is filed against). The “record” is reviewed by the higher court to see if the lower court judge made a mistake that needs to be corrected. Other terms for the higher court include: court of appeals appellate court supreme court Important Reminders: Your case must have a final ruling for an appeal to be filed. As an exception during an ongoing court case, an “ interlocutory appeal ” may be filed to appeal the judge’s decision on an issue. While you wait for the appeal process, the court order still goes into effect and must be followed unless a “stay” is granted with a filed Motion to Stay. New evidence is not allowed for submission with an appeal to a higher court. Whatever evidence, documents, or transcripts are available from the trial court are what the higher court will review. What to Consider: Time: Appeals can take up to a year to complete. Expense: Not only will you need to pay for an expensive appellate attorney, but you’ll also have added costs of the filing fee and paying for the pricey written transcripts, which most states will not waive the fee on. Outcome : Winning an appeal is quite challenging. You may face the same trial judge, and even if you are granted an appeal, the judge may still rule in favor of the other party during relitigation. Toll: With a lengthy process, if the other party is your abuser, you may be drawing out the dispute or angering them further, putting your safety and emotional state in jeopardy. Whether you're facing a contentious legal dispute that demands litigation or requires skilled representation in an appellate matter, our attorneys are well-equipped to provide you with the strategic guidance and vigorous advocacy needed to protect your interests. Trust Hoover Kacyon, LLC, to be your trusted partner in legal matters, delivering results through our unwavering dedication, vast experience, and proven track record in litigation and appeals. The Akron and Cuyahoga Falls Hoover Kaycon, LLC Attorneys at Law are here to assist you with criminal defense cases. If you need assistance, know that we deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.
Marriage is a union between two people. You don’t plan for that union to dissolve. However, nearly 40% of marriages end in divorce. The last thing you need is to have your business, pension, retirement accounts, or property put at risk because of a dissolution of a marriage. Putting a prenup in place can help you and your spouse have an extra layer of protection should you face divorce. Knowing what to include in a prenup is paramount. Premarital Assets: Disclose any premarital assets, and outline any property that will become joint property. Since you accumulate assets during a marriage, defining what is premarital property and how to divide your marital property will help ease the divorce process. Premarital Debts: On the other side of the coin, it’s a great idea to figure out how to deal with debts during the marriage or should a divorce happen. If one spouse is bringing debt into the relationship, you choose whether it becomes the responsibility of both parties or remains with the person who holds the debt. One spouse can protect the other from creditors in a prenup agreement as well. Spousal Support/Alimony: No one wants to feel like the other spouse is getting the better end of the deal. In most marriages, one spouse makes more money than the other. Drawing up provisions on how much a spouse should receive can reduce tension during a divorce. Leaving it up to a judge may leave one spouse feeling like they are being taken advantage of or should receive more. Bear in mind that a judge may terminate this part of the prenup if it is considered unfair. Financial Responsibilities: Not only should you be talking about finances prior to getting married, but how you will share those expenses and responsibilities is important. Who pays for what, and how much should you each contribute towards retirement? Including these provisions in your prenuptial agreement allows you to get on the same page. Children from Previous Relationships: While a prenup doesn’t replace a will, you can use this document to support your wishes and protect children from previous relationships in the event of a death within the marriage. You can choose how to allocate assets to your child (or children) and your spouse so that each person will receive a fair portion of property and inheritance. Business Earnings: If you or your spouse owns a business, write in your prenup whether the profits are separate or marital property in your prenup. This inclusion is essential, especially should your business experience significant growth. Protect yourself should you end up divorcing by determining the value of the business at the time of your marriage and stating what percentage of the business value your partner will get, as well as how you will handle the value of the business throughout the years. Retirement Accounts: Employee 401(k) or pension contributions count as marital property. To keep this asset separate, include that information in a prenuptial agreement. If you have a hefty retirement account when entering into your marriage, that may be of particular interest to you to protect that asset should the marriage dissolve. Choosing a law firm well-versed in exploring or executing a prenuptial agreement can greatly impact how you are protected. The Akron and Cuyahoga Falls Hoover Kaycon, LLC Attorneys at Law are here to answer your questions and help you through the process. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.
Losing a loved one is hard enough without the added stress of handling complicated finances and legal processes. However, the person’s estate must be turned in to the probate court. Probate is the legal process of reviewing and distributing a person’s estate upon death. You may want to avoid the process of probate as much as you can since it can be time-consuming, complicated, and expensive. Avoid Probate with a Will? Having a Will does not avoid probate. The probate judge will review the Will to see if it is valid and will properly execute it. The instructions in the will are to be carried out by the estate executor. Ways to Avoid Probate Hiring an Ohio estate planning attorney can help you use processes available to avoid probate, such as: trusts beneficiary designations transfer or payable-on-death designations other asset management strategies What these processes do is minimize the assets passing through probate. Avoid Probate with a Trust? Using trust is one of the most common ways to avoid probate. It is a separate legal entity that owns your assets, and a trustee then manages the trust and those assets. You can still manage the assets yourself if you name yourself as the trustee of a living trust. The assets will be handled according to the terms of the trust, and the probate court will not need to review the distributions because they remain private. Private assets are not subject to public probate court oversight. There are even cases where the beneficiary of the trust (person who places assets in the trust), the trust-maker, and the trustee are the same person. Avoid Probate in Other Ways You can also avoid probate in Ohio through: Joint Ownership If you own an asset jointly with someone, that asset will automatically transfer to the other owner upon your death. The transfer will happen without needing a probate court review due to the right of survivorship. So long as you provide the correct documentation to show one owner is deceased and the sole survivor is the owner, the probate court should stay out of that asset distribution. Payable On Death (POD) A common designation for checking and savings accounts (and other accounts like retirement) is payable on death. Since you can do this for many accounts, you may choose a beneficiary for those financials. When the original owner passes away, the designated POD will receive those assets. Transfer On Death (TOD) Brokerage accounts, vehicles, and real estate can all be set with a transfer on death (TOD) designee. The asset will skip the probate court review and be transferred directly to the assigned TOD upon the original owner’s death. This affidavit works the same for real estate and vehicles to help ease the process. While probate as a process is not bad, avoiding parts of the process can make it smoother and quicker for everyone involved. Finding an experienced and knowledgeable estate planning attorney may help you minimize the assets that must pass the probate court review before being distributed. When you’re already dealing with enough, easing your responsibilities after losing a loved one will be a welcomed relief. The Akron and Cuyahoga Falls Hoover Kaycon, LLC Attorneys at Law are here to answer your questions and help you through the process. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.
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