Resources

Client Alerts, News Articles, Blog Posts, & Multimedia

Everything you need to know about BMD and the industry.

You can now enter into a Postnuptial Agreement in Ohio!

Client Alert
July 21, 2023

Earlier this year, Ohio was one of just two states (Iowa) that did not permit couples to enter into postnuptial agreements – agreements made between married couples that separate their marital and non-marital property in the event of death or a future divorce. The Ohio Legislature changed this on March 23, 2023, when it passed S.B. 210 legalizing these agreements.

The new law considers that a couple’s financial health and goals often change throughout their marriage and that they should have the option to terminate or update an existing prenuptial agreement, or execute (and later modify if needed) a postnuptial agreement, to reflect these changes. To exercise any one of these options, the following conditions must be satisfied: 1) the agreement is in writing and signed by both spouses; 2) the agreement is entered into freely without fraud, duress, coercion, or overreaching; 3) there was full disclosure, or full knowledge, and understanding of the nature, value, and extent of the property of both spouses; and 4) the terms do not promote or encourage divorce or profiteering by divorce.[1]

Life is unpredictable and the new law affords Ohio couples greater flexibility when planning for their futures, which most likely look very different now than they did before marriage. The law also takes the pressure off engaged couples who are contemplating entering into a prenuptial agreement. Additionally, the ability to enter into a postnuptial agreement lessens the burden of dividing up assets if a couple were to ultimately divorce.

For questions regarding S.B. 210 and your options, please contact Cassandra Manna at clmanna@bmdllc.com or (216) 658-2206.

[1]  S.B. 210, 134th Gen. Assemb., Reg. Sess. (Ohio 2023). 

SB 210Postnuptial Agreement
Client Alert

Value-Based Care Advances – CMS Issues New Final Rules for Stark and Anti-Kickback Statutes

December 11, 2020The Centers for Medicare & Medicaid Services (“CMS”) and the Department of Health and Human Services (“HHS”) Office of the Inspector General (“OIG”) issued two highly anticipated (and quite extensive) Final Rules to reform the Stark Law and Anti-Kickback Statute (“AKS”) regulations. The Final Rules generally take effect on January 19, 2021. The Final Rules include new safe harbors for the AKS and new exemptions to the Stark Law to allow for greater flexibility. According to the HHS, the goal of updating both laws is to make it easier for providers to engage in care coordination and value-based care programs without running afoul of the statutes. Please note that this client alert could not cover the full extent of the Final Rule changes so please contact your BMD Healthcare attorney with questions.Client Alert

Mandatory Filings Under CFIUS New Rules

December 11, 2020On September 15, 2020, the Committee on Foreign Investment in the United States (“CFIUS”) promulgated a final rule modifying its mandatory declaration requirements for certain foreign investment transactions involving “TID US businesses” (sensitive U.S. businesses dealing in critical technologies, critical infrastructure and sensitive personal data) dealing in “critical technologies” – i.e., U.S. businesses that produce, design, test, manufacture, fabricate, or develop one or more critical technologies. The new rule also makes amendments to the definition of the term “substantial interest” (used to determine whether a foreign government has a substantial interest in an entity). The final rule became effective on October 15, 2020.Client Alert

IRS Guidance on Employee Retention Credit

December 11, 2020The Employee Retention Credit created under Section 2302 of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Since the adoption of the CARES Act, employers have expressed concern that if one employer acquires another employer that previously received a PPP loan, the acquirer’s entire aggregated group may no longer be eligible to claim the Employee Retention Credit.Client Alert

International Sales Contracts - COVID-19 Pandemic and Force Majeure

December 11, 2020Client Alert

Identity Protection PIN Available to ALL Taxpayers in January

December 11, 2020Beginning in January 2021, the IRS will allow all taxpayers who can properly verify his/her identity to obtain an Identity Protection PIN. An Identity Protection PIN (“IP PIN”) is a six digit number assigned to a specific taxpayer to assist in preventing the misuse of a taxpayer’s social security number on fraudulent federal tax returns. Previously, only confirmed victims of identity theft who resolved his/her tax issues with the IRS were eligible for an IP PIN.
Older posts
Newer posts