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The right co-parenting info is better than more info

You may have never expected to get a divorce, and you may have expected even less to get divorced after having children. Still, this is the direction your life went, and now, you are working to co-parent with your ex-spouse and hope that you are doing the best for your children.

Parenting is difficult no matter the circumstances. After the divorce, you may have wondered how you would ever get along with only having the children with you part of the time while also continuing to make decisions with your ex regarding the well-being of the kids. Though you are trying your best, co-parenting can certainly have its challenges.

Prenups can make divorce easier in the future

When many Ohio residents who are planning to get married hear the term "prenup," they may immediately assume that prenups are only for those who have significant assets, especially since they can add to the cost of getting married. However, prenuptial agreements can help protect both individuals' interests in the event that a divorce occurs down the line.

Essentially, when a couple decides to get a divorce, each former spouse will be required to make a list of income, expenses and assets in addition to liability disclosures. If listing all of the assets and liability disclosures is completed before the marriage, there is a possibility that the amount of arguments that may occur during the divorce is significantly reduced. If a couple is intending to get married but has already commingled assets and finances due to cohabitation, the prenuptial agreement gives a chance to determine what belongs to whom while both individuals are in a good place with each other.

The benefits of financial powers of attorney

Those who become incapacitated for any reason may not be able to manage their finances. However, Ohio residents and others can create a financial power of attorney to resolve this problem. A financial power of attorney is a person or entity who is allowed to conduct various transactions on an incapacitated person's behalf. Without such a document, family members may need to go to court to get permission to manage that individual's money.

A power of attorney can either be durable or springing in nature. A durable power of attorney lasts until a person dies or revokes the power granted to an agent. Springing powers of attorney generally go into effect after a doctor certifies that a person is truly incapacitated. The powers granted to an agent can be as narrow or broad as an individual wants them to be.

What makes a will valid in Ohio?

Whether you have recently relocated to Ohio or you have lived in the Buckeye State all your life, it is not likely that you have researched the estate planning laws in this state. In fact, the number of people who adequately prepare their estates before their deaths is quite low. When someone dies intestate, which means without a will, his or her loved ones often have a challenging time during probate.

You may want to protect your family from this frustration by drafting your last will and testament. Naturally, you would like to do this in the most cost-effective and personal manner possible, so you may have planned to sit at your laptop this weekend or relax with a legal pad while you consider how to divide your estate. However, taking these actions may create just as much chaos for your loved ones during probate.

How to include online accounts in an estate plan

People in Ohio thinking about the future may want to do their best to ensure that their loved ones are cared for after they are gone. To that end, they may make out a will and develop an estate plan. While people often think about real estate, bank accounts and other tangible or financial items when planning for the future, they may pay less attention to digital assets like email accounts, social media profiles, online subscriptions or even cryptocurrency wallets. People are spending more time and money online than ever before, but making an estate plan for these digital assets is often overlooked.

While a growing number of states are attempting to address confusion by adopting uniform laws for the default handling of the digital assets of people who pass away, many people want to make their own plans for the future. They can include their digital assets in their wills, trusts and powers of attorney in order to do so. The process of developing a digital estate plan begins with gathering an inventory of a person's digital existence, including various online accounts as well as key files and hardware like computers, smartphones or tablets.

How divorce impacts a child's education

A study published in Sociological Science found that divorce could have a significant impact on a white child's education. Specifically, it found that the loss of household income that generally occurs after a couple splits makes it less likely that their children will go to college. However, the same study found that the impact wasn't as great on minority children in Ohio and elsewhere. This is because minority families may not have the same level of wealth prior to divorce taking place.

Research has discovered that a lack of economic stability may play a role in a couple getting divorced. This can be especially true if the husband is not the primary breadwinner in the household. Of course, the study did note that the fact that a man has a stable job is more important than how much he actually makes.

Gray divorce: You have a future to protect

Divorce can happen at any stage of life. Older couples, even those who have been married for years, sometimes go through what many call gray divorce. When a couple with one or two partners aged 50 and up decides to move forward with divorce, there are unique financial factors to consider.

If you are facing a gray divorce, your future is at stake. With fewer years before retirement and potentially valuable assets up for division, you would be wise to be thoughtful and careful as you make choices that could affect your future. Emotions should never be the catalyst for your decisions, but rather, you would be wise to keep your focus on what is truly important – your long-term interests.

Debunking estate planning myths

Many people have misconceptions about estate planning, but an argument can be made that estate planning is part of a comprehensive financial plan. Ohio residents might like to know about some of the myths that often make things complicated when it comes to estate planning.

Estate planning often includes issues that anyone might need to consider. As such, it is just a myth that only those with a high net worth need an estate plan. Anyone with assets or property may need an estate plan along with those who provide for others. Some common uses for estate plans include naming guardians for minor children, documenting preferred end of life care, listing funeral preferences and passing property to heirs.

How divorce damages a credit score

There are many things Ohio residents need to think about during a divorce, including their credit scores. Fortunately, divorce alone does not hurt a credit score. Credit reports are not influenced by one's marital status. However, there are two common reasons a divorce might lead to a lower credit score.

After a divorce, joint credit accounts can still appear on credit reports. This applies even if a former partner has responsibility for paying off the debt. If an ex makes late payments, these payments apply to each person's credit report. Additionally, both parties are responsible for charges made from a joint account even after a divorce occurs.

Estate planning: What are the basic options?

There's one thing all Ohio residents have in common; in fact, all people, everywhere, share a common factor, which is that no one lives forever. That said, you might count yourself among those who don't like to think or talk about that fact. Discussing mortality or the possibility that you could one day become incapacitated might make you feel nervous or stressed.

You are definitely not alone in your struggle. However, rather than avoid estate planning for such reasons, you might want to consider the fact that many people find that going through the process of executing an estate plan gives them peace of mind. They devise a plan and worry less about the what-ifs in life. This post provides a brief review of the most common types of estate planning documents, so that you already have a basic understanding of your options when you're ready to create a plan.

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Kroener Hale Law Firm
101 N. Riverside Dr.
Batavia, OH 45103

Phone: 513-716-5940
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