 A court has the power to award either spouse spousal support. Spousal support is referred to as alimony by some, though that term is rarely used in the current day in Ohio courts.
When courts consider awarding spousal support, they look at the factors identified in Ohio Revised Code 3105.18. These factors include the income of both spouses presently, in the past, and what each spouse is capable of making; the spouses’ mutual lifestyle; and other equitable factors. When support is awarded to one spouse, it usually comes with limitations. The most common limitation is one of time. Spousal support payments are often limited to a period of years, but you should contact an attorney for the specific estimate for your case. Spousal support can also terminate in other ways, including remarriage by the receiving spouse or the death of either ex-spouse. Ohio has no definite guideline on calculating spousal support. Rather the particular court’s discretion and the facts of each individual case dictate the outcome. This is ADVERTISING MATERIAL ONLY. Disclaimer: All articles and blog posts are for informational purposes only. This information was current as of the date above. The information does not constitute legal advice and should not be relied upon as a substitute for hiring an attorney to review your specific legal issue. By reading this blog site you understand that there is no attorney-client relationship between you and The Fogelman Law Firm LLC. To form an attorney client relationship, you must contact us, appear for a consultation, and sign a retention agreement before this firm will represent you.  When your marital home has a mortgage that is not being paid, your mortgage lender will begin providing notice that your loan has fallen into default. And, if the default is not cured, the loan can be accelerated — that is, the entire balance due under the note and mortgage is demanded.
When you find yourself in this situation, you should act very quickly. As a first step, you should gather some information by considering the actual value of the home and the total amount owed to reinstate and to payoff the mortgage (these sums are different than your principal balance owed). Then, this information will help you decide whether you want to focus on “retention” or “liquidation.” Retention options focus on paying the loan current and keeping the home. Liquidation options focus on selling the home and paying off the debt. Your next step is to contact your mortgage lender to discuss y the options available to prevent a foreclosure. Sometimes, mortgage lenders offer no options other than a full reinstatement to bring the loan current or a full payoff of the entire debt. However, some lenders are willing to explore options that would allow you to cure the default. These options can include, but are not limited to: forbearance plans, repayment agreements, and loan modifications. In some cases, liquidation of the home is the only option. If you have a desirable home with more equity than debt, you can probably sell the home and payoff the loan. If that cannot happen, though, your mortgage lender might be willing to work with you on liquidation options. These options can include, but are not limited to: a deed in lieu of foreclosure, a short sale, or a consent to judgment with a deficiency waiver (or, forgiveness of the debt owed in exchanging for allowing the home’s foreclosure). Facing foreclosure during a divorce can be very challenging. It is important to work quickly with your lender to explore viable options. And, if you are uncomfortable, find counsel with experience in both divorce law and foreclosure law. This is ADVERTISING MATERIAL ONLY. Disclaimer: All articles and blog posts are for informational purposes only. This information was current as of the date above. The information does not constitute legal advice and should not be relied upon as a substitute for hiring an attorney to review your specific legal issue. By reading this blog site you understand that there is no attorney-client relationship between you and The Fogelman Law Firm LLC. To form an attorney client relationship, you must contact us, appear for a consultation, and sign a retention agreement before this firm will represent you. |
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