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.
Previous generations in Ohio might have focused on romance more than money when getting engaged, but members of the millennial generation are taking a more practical approach. The American Academy of Matrimonial Lawyers has reported that a growing number of millennials want prenuptial agreements. A survey conducted by the organization showed that 50 percent of responding attorneys had prepared an increasing number of the agreements for millennial couples.
When older couples in Ohio decide to divorce, they may face different concerns than those who end their marriages at a younger age. While concerns about child custody and support may no longer be relevant, financial concerns can be a top priority for those approaching retirement. Divorce among Americans over 50 has doubled in the past two decades and continues to rise. For people in this demographic, a split in retirement investments can have a significant impact on financial outlooks for the future.
Half of the households in Ohio and around the country may struggle during retirement, according to an index developed by Boston College's Center for Retirement Research. Unfortunately, the figures are even more alarming for those who have been through a divorce. Researchers say that this is largely because divorced spouses are no longer able to save money by sharing expenses. In addition, they may be facing important financial decisions for the first time.
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.
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.
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.
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.
Obviously, when you get married, you never expect to end up in an Ohio divorce court. However, the reality is that many couples do end up divorced. You may wonder if there are certain qualities or characteristics of couples who divorce which could point to what not to do if you want your marriage to last. While there is no guarantee that your marriage will last, there may actually be things you can do that reduce the chances of it ending.
Ohio residents are living longer these days, much like the rest of the country. With increased life expectancy comes a variety of opportunities for growth in relationships, but there are also increased risks that a couple will become exposed to factors leading to the dissolution of marriage. Older people tend to use caution when approaching divorce, and this affects the tone of the proceedings in some specific ways.