Ohio couples who live together before marriage may be more likely to get a divorce in the long term. A study that appeared in the September issue of the Journal of Marriage and Family found that cohabitation increased the risk of divorce.
As an Ohio parent, you likely have come to realize that your children's personalities are unique. You may have one child who tends to be quite outgoing and comfortable in his or her own skin and another who is quite shy or introverted. Different personality traits mean that your children may not react to similar circumstances in exactly the same way.
As people in Ohio move toward retirement age, they may expect their financial decisions to be simpler and less complicated. However, as more people decide to divorce later in life, there can be a new twist in their retirement plans. In the past two decades, divorces between Americans over the age of 50 have doubled, a trend that shows no sign of stopping. These splits have been dubbed "gray divorces." While retirement funds are a significant marital asset for couples of all ages, they take on a particular importance the closer people are to retirement age.
Many people in Ohio who are concerned about their legacy may have philanthropic goals that they want to see achieved while they are alive. They also want the right legal mechanisms in place to ensure that their philanthropic endeavors will continue after they die. With the assistance of an estate planning attorney or a financial advisor, individuals can create an estate plan that addresses their charitable giving goals.
Traditional views of divorce often reflect the husband as the primary wage earner who is concerned about retaining those assets. However, more and more Ohio women are starting small businesses, and they are the ones seeking to maintain control post-marriage. That's why it's important for wives to take steps to protect their businesses from divorce.
Going through the end of a marriage can be an exceedingly stressful process, especially if you and the other party have children. While you might be ready, or even willing, to open a new chapter in your life, you may have concerns about how the coming process will affect the lives of your kids.
Ohio residents who are getting a divorce should be aware of how the passage of the Tax Cuts and Jobs Act will impact divorces that are finalized on or after Jan. 1, 2019. There are provisions that affect exemptions, deductions, federal tax rates and Alternative Minimum Tax limits. However, divorcing couples may be most interested about the changes that will impact alimony and child support.
Creating a will or more complex estate plan is something people do to help their loved ones. A well-drafted Ohio estate plan makes things easier for heirs and avoids potential conflicts during the settling process. However, it's possible to further lower the risk of a conflict by including personal property in a will, naming the right executor and explaining unequal bequests.