Dissolution in Columbus is an option for many local residents to consider when approaching the end of a marriage. Dissolution is an alternative to divorce and requires the parties to be in complete agreement on every issue contained in the divorce paperwork known as the “separation agreement.” Where the parties have one or more minor children, the paperwork may include a “shared parenting plan.” The subject to be agreed upon include but are not limited to:
- How Will Custody Be Divided Between the Parents, and What Time Will Each Have with the Children?
- What Will Become of the Family Home, Cars and Other Vehicles and Personal Property?
- Are There Business Interests or a Professional Practice (Doctor, Dentist, etc.) That Must Be Divided?
- How will Marital Debts Be Divided?
- How Will Child Support Be Calculated and Paid?
- Will There Be Spousal Support?
- Do You Have an IRA, 401K, PERS or STRS Accounts or Other Retirement Vehicles
If there are retirement accounts the plan administrators will require a Qualified Domestic Relations Order or QDRO. PERS and STRS have their own versions of this legal document known as a Division of Property Order or DOPO. These are basically orders by the court that directs the plan administrator how retirement accounts are to be handled or divided.
Many former spouses considering a dissolution in Columbus do not understand the tax ramifications of these decisions, and the strategies employed during the division of property and support payments will have a substantial effect on the net income (after taxes) of both parties. If you have considerable assets, are married to a physician or other professional or have business interests I invite you to call me at (614) 764-0423 to discuss your unique situation.