Divorce: Dividing iTune Libraries and Other Digital Assets

What Happens To Your Digital Assets In A Divorce?

Digital Assets Library That Can Be Divided In A Divorce Process Include Kindle, iTunes, Xbox Live, Games, Apps And Other Digitally Downloaded Media

Traditionally, when dividing assets in a divorce, each individual looks to their assets obtained during the marriage.  When these assets are identified, the process of dividing those assets up then runs its course.  Today, with the constantly changing technological field, assets are not merely tangible objects anymore.  For example, your iTunes library is not a tangible asset, yet it does have value and you did spend money to amass this library.  Even though this asset is not a house, car, jewelry, or even cash, it’s still considered an “asset.”  It also doesn’t matter which spouse maintained the library, or who actually purchased the digital assets; as long as they were obtained during the marriage, they qualify as “marital assets” which means they’re treated no different than a car or any other tangible asset.… View Full Article → “Divorce: Dividing iTune Libraries and Other Digital Assets”

Bitcoins and Hiding Assets in a Divorce Action

Protect Your Assets – Talk To A Divorce Attorney To Avoid Being Ripped Off By Bitcoins Concealment

Bitcoins are defined as a cryptocurrency and are the first of their kind.  Cryptocurrency is just a fancy term for “encryption” meaning only authorized parties can read it. This essentially allows individuals to store bitcoins without any link to themselves, drastically differing from bank accounts or stocks. Bitcoins, unlike traditional currencies like the US Dollar, aren’t backed by governments and aren’t influenced by monetary policy. This makes bitcoin more like gold than any other currency since its value rests entirely on how much people are willing to pay and how much its users believe in it. Bitcoins are traded from one personal ‘wallet’ to another. A wallet is a small personal database that you store on your computer drive, on your smartphone, on your tablet, or somewhere in the cloud.

Bitcoins came into existence in 2009 when creator Satoshi Nakamoto (which is presumed a pseudonym) launched the network as an “electronic peer-to-peer currency.”  … View Full Article → “Bitcoins and Hiding Assets in a Divorce Action”

Divorce During Pendency: Living Separately or Living Together?

Should Couples Live Separately Or Together Through A Divorce Or Dissolution? – List Of Factors Crucial In Each Case

The parties agree the marriage is not working; the decision is made by one of the parties to initiate a divorce proceeding.  Do the parties live separately or together during the pendency of a divorce?  There are many factors to be considered:

Finances:  If there is adequate income available to cover the living expenses of two (2) households, it is probably easier and less emotionally draining to live separate and apart while the divorce is taking place.  This arrangement allows each party to experience what it feels like to live alone and to take care of one’s home or apartment without the physical assistance or presence of the other party.  If the money or income is not sufficient to pay for two (2) households, some parties will elect to move in with a relative or friend.… View Full Article → “Divorce During Pendency: Living Separately or Living Together?”

Divorce: Sudden Divorce Syndrome in Ohio

Can Sudden Divorce Syndrome Impact You Both Emotionally And Legally? What You Need To Know

Sudden Divorce Syndrome (SDS) refers to a situation that occurs, most often in a man’s life, where his spouse, without any signs, wants a divorce.  Perhaps the most publicized SDS (Sudden Divorce Syndrome) case involves Mr. Martin Paul.  Mr. Paul discusses how he was nearing retirement, wasn’t having any ill feelings towards his wife, and had even been planning numerous vacation and relaxation events for himself and his wife together.  Unbeknownst to Mr. Paul, his wife had other plans.  She blindsided him when she announced that she wanted a divorce.  Following the completion of the divorce Mr. Paul was devastated. He was unable to cope with the loss of his family and the accusations his wife threw his way.  He overdosed multiple times but each time was able to dial 911 in time.  Mr.… View Full Article → “Divorce: Sudden Divorce Syndrome in Ohio”

Divorce: Dividing Property, Assets & Debts in Ohio

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, an equal division is presumed to be the starting point.… View Full Article → “Divorce: Dividing Property, Assets & Debts in Ohio”

Divorce and Your Mortgage Interest Tax Deduction

Consider Allocation Of Mortgage Interest Tax Deduction When Filing A Divorce Decree

In Ohio, and elsewhere, you may be able to deduct the interest paid on the mortgage on your principle residence when filing your tax return.   A deduction is simply the lowering of your taxable income.  For example, if you make an adjusted gross income of 70,000 dollars and have paid 10,000 dollars in mortgage interest throughout the year, you’re taxable income before other deductions would be 60,000 dollars.

Regardless of whether you’re single or married, you’re able to claim your mortgage interest deduction on your itemized return.  When you file your return, you’re also required to list your filing marital status.  The IRS requires that you claim your marital status in accordance with your marital status on the “last day of the year.”  So you must have been married on December 31st of the year to file as “married” for that year.… View Full Article → “Divorce and Your Mortgage Interest Tax Deduction”

Divorce: Service Of Process In Ohio

Don’t Know Your Spouse’s Location? How to Complete “Service of Process” When Seeking A Divorce In Ohio

When I am retained by a client (Husband or Wife) who is seeking a divorce from his or her spouse, one of my initial questions is:  Do you know where your spouse is residing?  Or, do you know where your spouse is living or working?  This information is important as the spouse will need to be formally “served” with the Complaint for Divorce and associated pleadings (Financial Affidavit, Parenting Proceeding Affidavit, Family Questionnaire, and Title IV-D Application for Child Support Services).  The two (2) most commonly used methods of serving a party with the necessary divorce papers are:

  1. Personal Service of Process:  A Process Server is identified to personally go to the residence or place of employment of the Defendant and to personally deliver the divorce packet (containing all the pleadings and Summons of the Court) to the Defendant.  
… View Full Article → “Divorce: Service Of Process In Ohio”
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