A recent article offers fresh insight into a leading factor in divorce: the nature of the work we do.
More people in Ohio and throughout the country file for divorce in January than at other times of the year. Many people wait to file for divorce until after the holidays are over, but before they do, it is important for them to consider several things so that they can avoid some common mistakes.
For many older Ohio couples, getting a divorce later in life is becoming more common. There are many reasons this might occur. For example, the kids may have left the home and the couple realizes they are no longer in love with each other. Irreconcilable differences can drive couples apart even if they have been married for decades. Additionally, getting a divorce has become much more acceptable than it was a decade or two ago.
Residents of Ohio who are planning a wedding may be considering a prenuptial agreement. According to a study from the American Academy of Matrimonial Lawyers (AAML), more millennials are entering into prenup agreements than their counterparts from previous generations. People may choose to get a prenup if they have a significant amount of wealth prior to the marriage. Because members of the millennial generation are, on average, getting married at a later age than previous generations, they have often accumulated more assets by the time they tie the knot.
Ohio residents may be encouraged by new data from the National Center for Family and Marriage Research. It shows that marriage rates have increased while divorce rates have dropped. In 2015, there were 32.2 marriages for every 1,000 women aged 15 and older who were unmarried. This is an increase from 31.9 in 2014, and it represents the largest number of marriages since 2009. In 2015, the divorce rate was 16.9 divorces per 1,000 married women aged 15 and older.
If an Ohio resident takes out a student loan after getting married, it is possible that the debt will be considered shared marital property if the two divorce. However, if the loan is from before the marriage, it will probably remain the responsibility of the person who incurred it.
Divorce rates have steadied throughout the country, but according to Bowling Green's National Center for Family & Marriage Research, they are on the rise among baby boomers. Couples over 50 in 2010 were more than twice as likely to divorce than couples of the same age in 1990.
When Ohio couples are getting married, they might not want to think about the fact that close to 50 percent of first marriages end in divorce. However, knowing about this possibility may lead to practical conversations about issues that often cause marriages to end such as money. Couples should have honest conversations about the assets they are bringing into the marriage as well as any debt and past bankruptcies.
According to experts, an unmarried couple who buy a home are making a risky financial decision. They should not view buying a house as just romantic because dividing property and sifting through finances if they separate could become even more messy than if they were married. Cohabiting couples who live in Ohio might feel better knowing how to protect their property and best interests in case their relationships go south.
One of the most common types of college savings plans in Ohio is the 529 plan. Although the plan treats contributions as a completed gift, the account holder can effectively revoke it. This right causes potential concern and problems during the divorce process.