divorce Archives

Women contemplating divorce need financial understanding

Marriage is a huge commitment made by many people as they enter their late twenties and early thirties. What is perceived as a forever commitment may change as the couple gets older. Some may grow apart as interests and values change. Divorce may be the result, but economics can play a role in whether or not a couple stays together in Ohio.

Knowledge of finances can help women prepare for divorce

There are many decisions that people undertake throughout their lives. These include the decision on which college to attend, who to marry, to have children or not, and to divorce or not. Women with children in Ohio who find themselves in unhappy marriages should not need to feel compelled to stay in the marriage for the benefit of the children. A happy family situation can be more beneficial to a child than an unhappy and stressful household.

Reducing the cost of divorce

A couple meet, get to know each other, fall in love and get married. They have and raise children and send their adult children off to college to begin their adult lives in Ohio. The couple are now empty nesters. Sometimes people use this time to reconnect and begin the next phase of their married life, or they may find they have grown apart and no longer wish to remain married. This phenomena is known as gray divorce and is increasing in Ohio and around the country.

Financial considerations for divorce after 50

The overall divorce rate in America has declined in recent years, but the divorce rate in Ohio and across the country among those aged 50 and over has significantly increased in recent years. Since those divorcing in their 50s and 60s are nearing retirement age it makes sense that divorce could have a significant impact on retirement finances. The impact on happiness and finances can be positive and negative.

Perhaps a prenuptial agreement can lessen the chance of divorce

Marriage and divorce can be looked at as two sides of the same coin. Marriage, when flipped on its head, can lead to a divorce. One of the most common causes of a marriage leading to divorce in Ohio is a misunderstanding or deception regarding a couple's finances.

Failure to change beneficiaries in a divorce can be costly

While the divorce rate has seen a slight decline in recent years, almost half of those who marry still face the prospect of divorce. When a marriage ends in Ohio, the couple divide the assets and are free to continue their respective lives as newly single individuals without legal ties to each other -- except where the issue of federal retirement accounts might be concerned. Failure to address beneficiary designations can have unintended consequences following a divorce.

Implication of divorce on children's summer vacations

May is here and that means school vacations are coming. This can be a challenging tome for divorced families in Ohio with young children as summer vacation plans take shape. Even an amicable divorce can be a challenge when children are involved, even when both parents want to act in the best interest of the child. And it is now widely held that both parents remaining as involved as possible in the child's life is the preferred scenario.

Divorce and children's education

Typically, couples do not enter into marriage and begin a family with the goal of getting divorced later on. Most parents in Ohio and elsewhere believe they will be together for the long haul and be there for their children. While the divorce rate is dropping, almost 50 percent of marriages still end in divorce.

Bitcoin is a new player in divorce

Divorce is difficult and financial matters can make it harder. Most people are familiar with the kinds of struggles one can have over retirement accounts, investment portfolios, real estate and other financial concerns, but now there is a new contender on the block, cryptocurrency. One of the most popular forms of cryptocurrency is known as bitcoin. The newcomer has introduced a new element of difficulty into divorce in Ohio.

Divorce, children and the new tax law

Tax season is once again in full swing, and there are many questions in light of the new tax law that became fully applicable on January 1. For couples who are considering divorce or separation in Ohio and have young children, one of those questions may be regarding who would get to claim the children as dependents on one's tax return. There are a few factors to consider, and changes to the law that can determine the answer.


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Kemp Law Group, LLC

Kemp Law Group, LLC
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Dublin, OH 43017

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