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Couples aim to be more financially stable after divorce

Increasingly, couples are looking at ways to divorce that costs less and leaves them with greater financial stability. To achieve this, people in Ohio who are getting a divorce might want to consider hiring a financial planner and negotiating a divorce settlement instead of going to litigation.

The first step for a person heading for divorce may be to assemble a supportive team. This team could include family members, the financial planner and an attorney. The team can offer both financial and emotional support.

Creating a reliable estate plan

When creating an estate plan, Ohio residents should consider their needs as well as the needs of those who will receive their assets. For instance, an estate holder could establish a legacy of giving by donating money to charity after passing on. However, this legacy could also be established by donating time and money while still alive as a way to set an example for future generations.

If family members are going to receive money, they should understand that it's a blessing and not an entitlement. Instead of learning to love money, beneficiaries should be taught how to use that money to do good for others. Family members should also understand that they may receive an inheritance based on their needs. This means that a school teacher who has worked hard will get more than a doctor who already has money.

What to expect in a gray divorce

If you are over 50, you may have reached a point in your life where you thought you were safe from divorce. However, here you are discussing the sale of your home and figuring out how long you have to delay your retirement. Whether your marriage has always been rocky or the relationship deteriorated suddenly, you are now facing a future of change and uncertainty.

Gray divorce is certainly not new, but over the past 20 years, the rate at which people over 50 are divorcing has doubled. This leaves thousands of people in your shoes, working to ensure their lives after the divorce are not a constant struggle. Divorce after 50 has its own unique elements, and it may be helpful to know the factors that are typically most concerning to couples in your situation.

Divorce can bring new financial responsibilities for spouses

Since the late 1990s, the divorce rate for people over 50 in Ohio and across the United States has doubled. This can be complicated, especially for older couples in which one person, most frequently the husband, made the majority of financial decisions throughout the length of the marriage. After a later-in-life divorce, some people can find themselves dealing for the first time with major financial responsibilities and handling paperwork; many former spouses can discover unpleasant realities about their financial situation of which they were previously unaware.

Overall, 56 percent of married women still rely on their husbands to make major investing and financial planning decisions, which can lead to a big shock in the case of divorce. While older women are theoretically more likely to have made this decision, the same survey revealed that 61 percent of millennial women who are married rely on their husbands to make decisions about investments. The survey included divorced or widowed women as well as couples, all of whom had at least $250,000 in assets for investment.

The role of family conflict in estate planning

Ohio families may see more conflict over issues such as beneficiary designations and choice of guardians than wills or even powers of attorney, according to a survey by TD Wealth. Over 40 percent of estate planning professionals who responded to the survey said that family conflict was the overall biggest problem in estate planning. Domestic issues caused far more problems than changes in tax law or stock market volatility.

TD Wealth's head of private trust said that blended families, multiple marriages and younger spouses could all be sources of family fights. Family businesses were another common factor for disagreement. One conflict in those cases is that some family members work for the business and some do not; this causes fights about what is fair.

Estate plans require refreshing over time

For many people in Ohio, dealing with estate planning can be an unwelcome and emotionally jarring task. Since it involves the distribution of assets among loved ones and forces people to think about their deaths, many individuals are relieved upon completing the task. In addition, many people believe that once they have developed a will and related documents, they have done all they need to do to protect the future of their family. However, due to changing family circumstances as well as changing laws, it can be very important for a person to regularly review and update his or her estate documents.

Problems can arise over the years when estate planning documents go for years without being reviewed since it could impact the desired distribution of assets. When reviewing or updating an estate plan, there are several key priorities to keep in mind. While every estate plan should include a will, an advanced medical directive and a financial power of attorney, a review by a lawyer every 10 years or after a major life event can help to ensure that the plans remain complete and effective.

Protecting finances from divorce

People in Ohio who are engaged may want to make plans to protect their money in the event of a divorce. While it may seem cynical, doing so can ensure that the appropriate protections are in place in case something unexpected occurs. Finances can be affected by divorce as well as potential collections from creditors for balances owed by a partner.

Individuals may also find that it's easier to create an estate plan where certain assets remain separate property. As part of the process, inheritances should be deposited into shared accounts. This is so that estate holders can have more control over who receives the assets.

I'm broke from student loans so why would I need an estate plan?

How broke millennials can benefit from an estate plan

Contrary to popular belief, estate planning isn't just for the elderly, sick or special needs individuals.

Death and incapacity can happen without warning and without planning those left behind can be in for a disastrous ride.

But don't let your student loan debt fool you into thinking that you don't need a plan in place.

Here are some reasons why every millennial with college debt should consider executing an estate plan and what can happen if they don't.

How estate planning helps a business owner

It may be possible for an Ohio business to survive after the original or current owner decides to leave it behind. However, business owners need to have a plan in place to make sure that happens. Ideally, an owner has at least a will as part of an estate plan. This may give that person control over where assets go after he or she passes on.

Without a will or other estate plan documents, state law will decide who receives the decedent's property. In some cases, the person who receives it may not want it or be able to make use of it. When assets do pass, an estate plan may reduce the amount of tax paid on that transfer. This may be true at both the state and federal level. In 2018, the personal federal estate tax exemption is slightly more than $11 million.

Majority of dads say they don't get enough time with their kids

Almost a quarter of American fathers live apart from some or all of their children. That may be due to divorce, a breakup, or individual reasons. Child custody arrangements are generally supposed to support strong relationships between children and both of their parents. Nevertheless, a sense persists that fathers receive less favorable arrangements than mothers do.

Ohio law prohibits favoring one parent over the other due to gender. An experienced divorce or family law attorney can help you make a case for the custody and parenting time arrangements that work for you and your kids, whether you are getting a divorce or aren't married.

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