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.
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.
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.
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.
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.
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.
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.
Happy smiling Ohio couples walk down the aisle to marry, say their vows and walk back along the same aisle expecting to begin a long and happy life together. In many instances this happens, but in many others it does not. Many marriages still end in divorce, and as another tax season has begun with new tax laws that affect the finances of a divorce, it may be beneficial to review the implications of the law on current tax filings.
Since the moment you decided that your marriage was no longer viable, you've likely had a million thoughts running through your mind, especially regarding your children. Divorce can be one of the most stressful, challenging situations an Ohio family can experience. By accessing available resources, though, many spouses are able to achieve fair settlements, as well as provide their children with ample support to help them cope with change and adapt to a new lifestyle.
The new year has arrived, and many changes from the tax law passed last year will have an impact on divorces occurring in 2019. Divorce is not an easy process in Ohio. It can be very emotional and stressful to family relationships, and involve copious paperwork. The division of property and other assets can also be difficult. The changes brought on by the tax law could add to the stress.