When a couple in Ohio is going through the divorce process, there are a lot of matters to consider. The emotions involved in the situation could make it difficult for both parties to see things clearly. This is especially true when finances or children are involved. Things can get especially heated when the divorce negotiation touches financial issues that could negatively impact a divorcing couples' children's college savings fund.
When a divorcing couple in Ohio needs to divide a 401(k), they must be careful to avoid potentially costly errors. A 2016 survey of the American Association of Matrimonial Lawyers found that pensions and retirement accounts were second only to alimony as the most contentious issue in a divorce.
Divorce is stressful for families across Ohio and the nation. Unfortunately, the holidays often bring out deeper emotions of sadness for those sharing custody. On top of facing the normal stress involved in the breakup of a family, divorced parents and their children also have to meet new challenges when it comes to visitation and custody. To add to this, younger children especially have a hard time understanding why they are unable to keep family holiday traditions alive with both parents. They may be averse to taking part in new traditions.
Knowing ahead of time about some of the common financial mistakes people make in divorce can help people in Ohio avoid those mistakes. For example, some people might sell assets to cover divorce bills without realizing that there will be taxes to pay as a result of that sale.
Divorce is rough on everyone involved. However, as emotionally draining as it can be for the couple, there often is the realization that it is the right thing to do, and a new beginning is can be a good thing. For the most part, kids want their parents to stay together and work things out. A joint effort by the couple to make their children's needs paramount can help the kids cope with the divorce and get on with their lives.
Ohio couples who are 50 and older may be more likely to go through what is known as a "gray divorce", the phenomenon of older adults ending their marriages. While divorce rates in this age group used to be much lower, since 1990, they have doubled. However, researchers say that gray divorce can put the health of older people at risk.
Almost half of all divorcing women in Ohio and across the U.S. encounter unpleasant financial surprises during divorce proceedings, according to a new study. Divorce experts back up the study's findings, saying they frequently work with women who are caught off guard by financial issues when negotiating their divorce settlements.
When parents in Ohio get a divorce, they will need to work out a parenting schedule. There are several things they can do and avoid to make this schedule work for them and their children.
Those who get divorced in Ohio or any other state may find that it is a blow to their finances. In addition to potentially losing up to half of the assets accumulated while married, it may also be necessary to spend money on legal fees. According to the Center for Retirement Research, those who have been divorced are more likely to run out of assets in retirement than those who have not been divorced.