Uncategorized Archives - Ohio Family Law Blog

Learn From Her Mistakes: It’s Too Late for J Lo to Create a Prenuptial Agreement, But it May Not be Too Late for You!

Understanding the Importance of Prenuptial Agreements for Financial Security

Jennifer Lopez and Ben Affleck (more affectionately known as “Bennifer”) have made headlines again, this time for filing for divorce after just two years of marriage. Despite their high-profile lives and busy careers, this was a couple that the world wanted to succeed since the early 2000s. However, this split should serve as a reminder of the importance of prenuptial agreements – especially when it comes to marriage and our finances.

The pair reportedly did not have a prenuptial agreement in place, which means that under California law, any assets that they have acquired during their marriage will be split between them, including their $68,000,000 mansion, and any income earned during the past two years. As of this year, Lopez’s net worth was estimated to be $400 million, substantial compared to Affleck’s $150 million. Although J Lo’s divorce petition listed the couple’s assets as “unknown,” it is clear that this will be a huge amount to be addressed by the courts.

However, this uncertainty could have been avoided if the pair had recognized the importance of prenuptial agreements and utilized proactive estate planning, such as executing a prenuptial agreement. A prenup … Read More... “Learn From Her Mistakes: It’s Too Late for J Lo to Create a Prenuptial Agreement, But it May Not be Too Late for You!”

Did You Know the Majority of Americans are Now Single? Consider These Statistics…

Recent statistics show that the majority of Americans are now single, which has significant implications for society and the family structure

From ‘I Do’ to ‘I Don’t’: Economic Shifts Behind The Majority of Americans Are Now Single

As many of you who follow my blog know, I am a self-proclaimed statistic geek. Or maybe my wife gets credit for dubbing me with that title. Nonetheless, I enjoyed reviewing the statistics as it relates to my divorce law practice.

For generations, most Americans have believed they will fall in love, get married, and raise children together. However, over the past 50 years, studies and statistics show us that is changing. The days of the nuclear family, a woman, man, and children, are no longer the norm. The most current Census Bureau report on marital status found that 49% of Americans are married, while 51% are single. Being single is defined as being separated, divorced, widowed, or never married. The percentage of single people is never married 67%, separated 3%, divorced 19%, and widowed 11%.

It is interesting to look at the age groups to see whether they have been married or remained single. Back in 1956, the median age for women … Read More... “Did You Know the Majority of Americans are Now Single? Consider These Statistics…”

4th Of July Family Memories: The Red Ones Are the Best!!!

PUBLISHER’S NOTE: I first posted a version of this blog way back in July of 2014. I always think about this one I wrote when I am planning a blog post for the Independence Day holiday. I have reposted it several times since, and I am doing so again but with a few new updates. I hope you also have some wonderful 4th of July family memories, or perhaps you will create an incredible one this year for you and your family! Enjoy it and please remember that “The Red Ones are the BEST!”

Family Law Attorney Chip Mues Recalls A Remarkable 4th of July Family Vacation Set In Maine

It seemed appropriate that I should write something for the family law blog geared towards the “Birthday of America “. In the past, I liked to reflect upon the holidays and tried to find some correlation between the specific holiday and my family law practice. Not always an easy task without becoming repetitive in discussing how to celebrate the day in the aftermath of a traumatic divorce. So, as I pondered possible themes, I considered offering a bit of a twist on “Independence Day “. Or, perhaps, writing a patriotic … Read More... “4th Of July Family Memories: The Red Ones Are the Best!!!”

Is a Reverse Mortgage Right for You?

Why a reverse mortgage should be considered only as a last resort.

You may have read articles or seen television commercials touting the advantages of reverse mortgages. You may have even seen Tom Selleck, for those who watch Blue Bloods or remember Magnum PI, on your television asking whether a reverse a reverse mortgage is right for you. Although a reverse mortgage may be appropriate in certain situations, unless you are in dire need of cash or a monthly cash stream, I am generally not a proponent of a reverse mortgage. The reasons why will follow.

With a reverse mortgage, if you are at least 62 years old, you can borrow against the equity in your home to receive a lump sum of cash or a monthly amount. You don’t have to pay it back until you die or move out of your house. You still must stay current on you property taxes, insurance and any HOA fees. If you are in need of immediate cash or need to supplement your monthly income to pay your bills, this may be your only option. Also, if it means little to you what you leave at your death to your beneficiaries, this … Read More... “Is a Reverse Mortgage Right for You?”

Tips on Preventing Senior Financial Abuse. Don’t Let Your Family Get Ripped Off!

Senior Communities Suffer $3.4 Billion In Loss Due to Fraud and Scams in 2020. What can be Done?

When older adults, especially those in long-term care facilities, become victims of a scam, it is known as elder financial abuse, and it is more common than you’d think.

In 2020, over 62,000 Suspicious Activity Reports filed with the federal government were regarding elder financial exploitation, amounting to $3.4 billion, according to the federal Consumer Financial Protection Bureau (CFPB). The average reported loss by elder financial abuse victims is around $60,000.

So how does elder financial abuse happen?

“Unfortunately, there can be financial mistakes, fraud, or identity theft that occurs as a result of living in this kind of community. There are also instances of improper or inflated billing, double bill, and identity theft by ‘bad apples’ on staff,” said Elizabeth Loewy, the former founding chief of the Elder Abuse Unit in the New York County District Attorney’s Office, in an interview with Nextavenue.org.

The COVID-19 pandemic also led to a rise of scams targeting vulnerable adults, as do other “times of crisis”, according to Kelly LaVigne, vice president of consumer insights at Allianz Life.

This kind … Read More... “Tips on Preventing Senior Financial Abuse. Don’t Let Your Family Get Ripped Off!”

Tax Dependency Exemption: Child Support Payments & Obamacare

Effect of “Obamacare” on Tax Dependency Exemption and Required Medical Care for Separated Parents

tax dependency exemption child suuport obamacare Parents frequently complain about how their children do nothing but cost them money. However, when it comes to taxes, children can actually save their parents some money. Parents are able to receive certain tax deductions for medical care provided to their dependent child as well as receiving certain personal exemptions for each individual they claim as a dependent. This has the potential to save parents thousands of dollars on their tax returns, since the exemption will reduce their taxable income by a fixed amount. For 2016, the deduction amount ranges up to $4,050 for each exemption claimed.

For parents that are together and file their taxes jointly, there is no controversy as far as the dependency exemptions and deductions are concerned, as their child is seen as the dependent of both of them. When parents are separated or divorced, this becomes a bigger issue since only one parent can claim a child as a dependent for tax purposes. Since child support payments are not deductible or taxable, being able to claim a child as a dependent has important tax implications in regards to parents and the … Read More... “Tax Dependency Exemption: Child Support Payments & Obamacare”

Gay Marriage: The U.S. Supreme Court Tackles Same-Sex Marriage Issues

What Is The Difference Between Prop 8 And DOMA? – Will Gay Marriage Issues Change Family Law?

Questions And Answers To The Issue Of Gay Marriage And The Supreme Court’s Likely Decision

The United States Supreme Court recently granted certiorari to two very controversial gay marriage issues, Prop 8, and DOMA. Below I will discuss the two different issues, how they came to be here, and what the likely outcome may be.

Proposition 8

What is Prop 8?

Proposition 8 was a 2008 ballot provision in California. This ballot provision provided that section 7.5 of the California constitution be amended to validate only a “marriage between a man and a woman.” This ballot provision passed and overruled a California Supreme Court decision just months earlier granting equal marriage rights. Since then, gay marriage has been a hot button issue and has been challenged numerous times.

Why did the U.S. Supreme Court agree to hear this?

In the Supreme Court, it takes 4 votes to hear a case, and 5 votes to decide a case. There is speculation behind the lines on why and how the Supreme Court accepted this case. The questioning of the High Court only yields greater controversy. … Read More... “Gay Marriage: The U.S. Supreme Court Tackles Same-Sex Marriage Issues”