That looks like some scary math that you were supposed to learn in high school, doesn’t it? Determining the value of a defined benefit plan is extremely important in family law because it represents the true value in today’s dollars of the future benefit payments that begin at a specific future retirement date (the Present [...]
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In Ohio, guideline child support serves the basic needs of the child in the recipient’s home. That is food, shelter and clothing. Generally, the cost of extracurricular activities, sports equipment, travel for teams, lessons and so forth is not included in basic child support. The Ohio child support guidelines worksheet includes consideration of additional children, [...]
A defined benefit plan is a type of retirement plan sponsored by an employer. The Employee Retirement Income Security Act (ERISA) covers two types of retirement plans: defined benefit plans and defined contribution plans. A defined benefit plan is commonly called a “Pension”. A defined benefit plan promises a specified monthly benefit at retirement. The [...]
The Ohio Department of Jobs and Family Services (ODJFS) administrates the child support system. ODJFS published a manual for calculating child support. The manual answers many questions and should be referenced when performing a calculation. Child Support Manual. The manual provides a line-by-line guide for child support worksheets. In Ohio, child support is determined [...]