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Understanding some factors in a divorce

Couples in Ohio can face different challenges when divorcing after 50 and may also find that economic factors can affect their chance of divorce.

According to a report published by WPBF.com, the state of Ohio ranks number 24 out of all 50 states for its divorce rate. It indicates that 11.9 percent of the population in Ohio is divorced. This contrasts with the lowest rate of 8.5 percent found in both New Jersey and New York. The Centers for Disease Control notes that 3.4 out of every 1,000 persons in Ohio are divorced. Couples in Troy who are contemplating a divorce need to have a good understanding of the range of issues that they will face as they move through this difficult life experience.

The concerns that face divorcing spouses can vary based upon many individual circumstances. The age at which a divorce happens is one such factor. Couples in their 30s with young children at home, for example, can find that child custody, parenting plans and child support take center stage in a divorce proceeding. Couples in their 50s or 60s, however, can be more concerned about protecting retirement assets.

An article in the Huffington Post points out that jumping to quickly obtain control of certain retirement assets may not always be the wisest choice. This is because some of these accounts may be funded with pre-tax dollars, thereby resulting in the payment of taxes eventually. Opting for retirement assets funded with already-taxed income can prove to be more beneficial in some circumstances and is just one issue to discuss with family law professionals during a divorce.

What impact does the economy have on divorce?

When the divorce rate dropped in the United States during the recession of the first decade of this century, many experts considered the recession to be actually good for marriage. They heralded the benefits of financially challenging times as a situation which helped people come closer together and rely on each other.

However, in 2008 just as the general economic outlook began to turn for the better, the divorce rate also began to rise. From the University of Maryland, a sociologist’s report regarding this issue indicates that marriages did not in fact grow stronger during the recession but rather that couples simply postponed their divorces until they were able to afford them. The sociologist suggests that up to 150,000 divorces were put on hold until the economy improved.

The importance of legal input

Divorce is a highly complex emotional and financial experience. Getting help from an attorney is recommended for anyone who faces this.

Keywords: divorce, children, custody, finance