attorneys400

We're Here to Help

Legal Information in plain English

Sign

Various Blogs regarding Cincinnati Family Law, Estate Planning And Bankruptcy.

At Bailey & Gunderson, our attorneys help people going through some of life's most difficult challenges. We bring our experience, skill and creativity to every case, taking on all types of Family Law including Divorce, Bankruptcy, Probate and Estate Planning issues.  Learning that most people ask the same questions - this blog is our way of providing some general legal information.  Feel free to contact our Cincinnati Law Offices to discuss your specific situation. 

The new tax law may change how spousal support is treated on your income tax returns in the future.

Under the Tax Cuts and Jobs Act passed by Congress in December, 2017, spousal support will not be tax deductible for the person paying spousal support. Likewise, spousal support will no longer be considered income, and thus taxable, for the person receiving spousal support.

It is important to note that this new law will only apply to divorces and separation orders that are executed on or after January 1, 2019. The provisions of the law related to this issue are not retroactive, and thus, do not apply to divorces and separation orders entered before January 1, 2019.

This insight into the law is provided by Michael S. Bailey, Esq. of the law firm of Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.3 Spousal Support

The Commonwealth of Kentucky has enacted a new law that will go into effect in June making Kentucky the first state in the country to establish a blanket presumption "that joint custody and equally shared parenting time is in the best interest of the child" in every divorce case.

The law includes provisions to disqualify unfit parents based on prior domestic violence or significant mental health problems as well as physical distance that would make co-parenting impractical.

The new law will ensure that children don't automatically "lose" a parent to a divorce. There is hope that the new law will prevent parents from becoming hostile over custody issues.

This insight into the law is provided by Michael S. Bailey, Esq. of the law firm of Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.th4 3

Are you an older individual considering divorce or a dissolution of marriage?

There are several unique issues to consider for those older individuals deciding whether or not to terminate his or her marriage. Such individuals may already be retired.

How are you going to support yourself if you are retired? Will you receive spousal support, and for how long? Do you keep the house, and will you have to give up your interests in other assets in order to do so? Will your retirement plans have to be divided?

The attached article provides additional points to consider for those older individuals considering a divorce or dissolution of marriage ---o OLD COUPLE FIGHTING facebook  Divorcing During Your Senior Years

This insight into the law is provided by MICHAEL S BAILEY, ESQ. of the law firm of Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.

The deadline date to file your income tax returns for 2017 is fast approaching.  This is a reminder to our prior and current clients who pay or receive spousal support of the income tax consequences.

You should review your court order for spousal support and consult with your income tax preparer or attorney about your obligation to report the spousal support you received in 2017 as income, or if you can deduct your spousal support payments paid in 2017 from your other income.

It's important to note that spousal support is different from child support.  Child support received is neither taxable as income nor deductible from your other income if you pay child support.

This insight into the law is provided by the attorneys at Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township.  Phone: (513) 631-0022.

 O201

Creditors do not have an unlimited amount of time to pursue collection of debts owed them.

 Ohio’s statute of limitations is six (6) years regardless of the type of debt.  The time limit is counted from the date the debt becomes overdue or from the date the borrower last made a payment, whichever date occurred more recently.  If it has been more than six (6) years, a creditor cannot sue the borrower for debt collection purposes.

Have further questions for this issue?  Please call our office.  We are here to help you.statute limitations1
 

This insight into the law is provided by the attorneys at Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township.  Phone:  (513) 631-0022.

 

Page 1 of 3