Property Archives - Ohio Family Law Blog

LEGAL ALERT – Beware of Deed fraud!

Don’t Get Scammed Over the Holidays – Use Common Sense to Protect Against Losing Your Home!

You may have heard on the news or read in the paper recently of a rise in deed fraud. Deed fraud occurs when someone fraudulently transfers ownership of someone else’s real property into the fraudster’s name without the owner’s consent. In a recent Dayton Daily News article, the Montgomery County recorder estimated that what used to be one or two complaint per month has increased to two to three complaints per week.

An ownership transfer occurs when a deed is signed by the owner, notarized by a notary and recorded. A fraudster can easily obtain the necessary information to prepare a deed, forge the owner’s signature and get a negligent or complicit notary to notarize the signature. This is the most common form of deed fraud. The second form is when the crook deceives the owner and convinces him or her to sign a deed by promising to pay overdue property taxes or refinance a mortgage.

If the property ownership is stolen, it can result in an unauthorized sale by the crook. It can also result in the crook taking out a … Read More... “LEGAL ALERT – Beware of Deed fraud!”

Division of Household Goods in an Ohio Divorce

Dividing household goods in a divorce…can’t decide so flip a coin?

A few minutes ago, I happened to hear that old 2006 song, “Give it Away” by George Strait. I listed to the lyrics again and thought, “Why can’t division of household goods in most divorce cases be this easy”?

Here are the lyrics that I am referring to:

She was stormin’ through the house that day
And I could tell she was leavin’
And I thought, “Aw, she’ll be back”
‘Til she turned around and pointed at the wall and said

“That picture from our honeymoon
That night in ‘Frisco Bay
Just give it away”
She said, “Give it away”

“And that big four poster king sized bed
Where so much love was made
Just give it away”
She said, “Just give it away”

Just give it away
There ain’t nothing in this house worth fightin’ over
Oh, and we’re both tired of fightin’ anyway
So just give it away
(SKIPPED A FEW VERSES)

And I said, “Now honey
Don’t you even want your half of everything?”
She said, “Give it away
Just give it away”

Just give it away
There ain’t nothing in this house worth fightin’ over… Read More... “Division of Household Goods in an Ohio Divorce”

2020 End of Year Estate Planning Thoughts

estate planning tax law changes assets gift tax exemption

End Of Year: Don’t Forget To Review Your Estate Planning Documents! [REMINDER]

The end of the year is soon approaching. As with any election year and a change in presidency, there is some uncertainty as to what the near future holds in terms of estate planning and tax law changes. There are also things that should be reviewed on a regular basis regardless of the political climate.

In every calendar year, one can gift up to $15,000 to any other individual without having to file a gift tax return or use any of one’s estate tax/gift tax exemption. A married couple can gift up to $30,000. Should one wish to reduce his or her taxable estate or begin passing on wealth to the next generation, it would be wise to make gifts before the year has ended and this year’s annual exclusion is wasted.

Now is also a good time to review one’s estate planning documents and how one’s assets are titled. Are beneficiary designation still appropriate? The SECURE Act which was recently passed has reduced the time period for non-spouses to take designations from an inherited IRA. Also, distributions are taxable on traditional IRAs but not … Read More... “2020 End of Year Estate Planning Thoughts”

What To Do if You Think Your Spouse is Hiding or Wasting Marital Assets

financial misconduct divorce marital assets

Your Marital Assets Could Be In Jeopardy if Your Spouse is Engaging in Financial Wrongdoing During a Divorce Action. Can The Ohio Courts Step In?

The time leading up to a divorce and the actual divorce process can be quite bumpy and unpleasant. Oftentimes, the unknowns of divorce will lead to irrational thinking and bad behavior by one or both of the spouses. While some bad behavior is simply frowned upon, other forms of misconduct are actually illegal. For instance, if your spouse is intentionally scheming to hide or waste your marital assets in an attempt to interfere with your right to an equitable distribution during the divorce, you may have a claim of financial misconduct.

What is the law in Ohio behind financial misconduct in a divorce action?

Under Ohio law, “if a spouse has engaged in financial misconduct , including, but not limited to, the dissipation, destruction, concealment, nondisclosure, or fraudulent disposition of assets, the court may compensate the offended spouse with a distributive award or with a greater award of marital property.” O.R.C. § 3105.171(E)(4). A spouse has committed financial misconduct if he or she has engaged in some kind of wrongdoing and he or she … Read More... “What To Do if You Think Your Spouse is Hiding or Wasting Marital Assets”

Postnuptial Agreements in Ohio – What is the Current Status?

postnuptial agreements premarital agreement estate planning

PUBLISHER’S NOTE:

Finally Ohio has joined 48 other states and is now permitting postnuptial agreements to be executed and recognized. This is extremely significant news for married couples in Ohio! Click the following blog articles about this law change. Also, please see our new Postnuptial Agreements help page by clicking here.

Will Ohio Allow Postnuptial Agreements And Amendments To Premarital Agreements? Proposed Changes Underway

Ohio has long recognized premarital agreements. A premarital agreement is a legal contract entered prior to marriage and in contemplation of marriage by two individuals to address the ownership and division of their property and property interests in the event of death or divorce. However, Ohio is in the minority in that Ohio has historically not allowed postnuptial agreements, which are agreements entered into between spouses after they are married. I wrote a blog article on postnuptial agreements on December 31, 2011. Click here to read it.

There are a couple of exceptions to this rule. Ohio Revised Code Section 3103.06 states that a husband and wife cannot, by any contract with … Read More... “Postnuptial Agreements in Ohio – What is the Current Status?”

Divorcing? What do You do With Your House?

Home’s Equity To Be Divided Equally Between Two Parties In Divorce

You have agreed to a divorce. Now for the difficult and often unpleasant task of dividing the assets. Sure, you can agree who gets the tv and who gets the dishes, but the most difficult division is often how do you “divide” the house. Generally speaking, the home is considered a marital asset and the equity needs to be divided equally between the two parties.

Perhaps the home was bought by one of you before you were married. In that case it may be considered non-marital property. However, if both parties have been put on the deed or if the home was refinanced in both of your names, then the house will likely be considered marital property regardless of who paid for the house initially. Of course, if you purchased a home together during the marriage then it is definitely a marital property and the equity needs to be divided. The sticky part about splitting the value of a home is that it is not a liquid asset.

Often one of you will want to remain in the home, especially if you have children attending school in the … Read More... “Divorcing? What do You do With Your House?”

Blast From The Past: Divorce: Dividing Property, Assets & Debts in Ohio

Blast from the past 13 years Ohio Family Law Blog

Property Division: Dividing Property, Assets & Debts in Ohio

PUBLISHER’S NOTE: I thought this basic primer was worth posting once again especially now that we are at the start of “divorce season”. Division of debts and assets in a divorce is not always a simple or cookie cutter process.”

Property Division in Ohio Can Be Complicated In Marriage Breakup – Hire A Experienced Divorce Lawyer Early

Depending upon the issues in a marriage breakup, dividing assets and debts is usually a preliminary topic of conversation. This can be a complex and lengthy discussion depending upon the nature of the assets, length of the marriage, and title of the property. The first aspect of analyzing how the court may divide property pertains to whether or not the property was acquired before or after the date of marriage. If the property is separate pre-marital property, that property would remain the property of the initial owner and would not be subject to division.

In Ohio, property acquired during the term of the marriage is generally divided “equitably”. While the courts in Ohio strive to create a fair property division, this may not always lead to a 50/50 equal distribution. But, … Read More... “Blast From The Past: Divorce: Dividing Property, Assets & Debts in Ohio”

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