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Dayton Family Law Blog

Retirement plans can be major issues for older couples

One major issue that older couples who are going through a so-called gray divorce or legal separation may face involves retirement plans. Even when both spouses have had long-term careers, they may still be relying on each other's resources for retirement. Thus, a late-in-life divorce could be a fearful prospect in that, if not handled properly, the fallout could mean a senior has to choose between financial hardship and having to work late into life.

As a previous post discussed, in most cases, the spouses would be entitled to a share in each other's retirement plans as part of the property division that takes place after a divorce or separation. However, there are a number of important issues surrounding retirement plans like 401(k) plans and pensions, including pensions for military members and other government employees.

4 things to consider before getting a divorce

Getting a divorce is one of the most stressful times in a person’s life. It can also bring out the worst in people. Some may see it as a way to get even with their husband or wife by taking their money or assets.

Divorce can have a devastating effect on the rest of your life if you don’t know your rights. If you are considering a divorce, here are some important things to remember.

Review of family law issues with retirement plans

Many people in the Dayton area have retirement plans. Some have wealth stored in 401(k)s or other self-contribution plans, which have become more and more common in the private sector over the recent decades. However, employees in the area may also be entitled to a pension. Military members frequently receive pensions after their careers, and others in the civil service and other government jobs, as well as a handful of employees in private business, may also draw pensions.

Just a part of good financial housekeeping, even a happily married Ohioan will want to understand the basics of how to put a value on a pension. Pensions are quite a bit tougher to evaluate since they are a promise of an income stream at a future date. There are therefore a number of factors one must consider in order to estimate the lump sum present value of a pension.

How social media use and divorce may be connected

If you're going through, you should be quite aware of the notion that your every move can, and most likely will be, used against you. Any evidence of unfavorable actions or behaviors can ultimately affect the outcome of your divorce.

In today's modern realm of online social networking, nothing stays private. Many adults routinely engage with the use of social media. The major implication is that it effects level and quality of communication.

Are there any disadvantages to divorce mediation?

Resolving divorces, legal separations and other family law matters through the mediation process has become popular among many people familiar with the mediation profession. This even includes older couples whose children are already grown up and out of the family home.

No Dayton couple should dismiss the many advantages divorce mediation without thinking about those advantages. Mediation puts the creation of an agreement in to the hands of the couple themselves, meaning that while neither gets everything they want, no one is left feeling completely short-changed by a judge's decision either.

Factors Ohio courts use for spousal support

As this blog has discussed on previous occasions, state courts who are hearing a divorce case can award spousal support, which is commonly referred to as alimony. As the name implies, spousal support is a payment, or payments, which one spouse makes for the support of the other spouse so that both can leave their relationship on reasonably solid financial footing. Spousal support is also available following a legal separation, although a court may not be able to be as creative when fashioning an award.

Under the law, a court may consider a number of factors when awarding spousal support. Some of the significant factors a court will consider is how much income each person is currently earning and how much they are each able to earn, given their respective education and experience.

How to put a value on stock options

Many people in Dayton, Ohio, especially as they go along in their careers, may receive lucrative benefits from their employers.

For instance, some Ohioans may be offered what are called stock options. To be clear, these are not the same as actually buying company stock, either at a discount or otherwise.

How might an affair affect a potential divorce?

Many things can prompt a divorce. When a partner is unfaithful however, it can add another level of emotional complexity to the separation, even if one side feels the marriage was headed toward an end anyway.

You may be surprised to learn the repercussions of an affair have the potential to extend into the courtroom as well.

Ownership of multiple homes may raise Ohio divorce issues

Members of the military who work at Wright-Patterson are probably used to moving around a lot. This is, after all, a common part of military life, even when the country is not engaging all of its resources in to a conflict.

When members of the military move from place to place, they may slowly acquire real estate in multiple states, since it often pays off for them to purchase homes off base rather than rent or take up residence in on-base housing.

Why is gray divorce a common trend?

More and more older couples are calling it quits. Some have called this the “gray divorce boom” while others call these divorces “silver or diamond splitters.” Often these divorces are the result of unresolved problems, emotional and intellectual disconnections and different values. Many couples are 50 and older are not staying unhappily married.

When an older couple calls it quits, this sends shockwaves through families and social circles. Many people are trying to understand this trend and make sense out of it. A recent Forbes article explores the phenomenon of gray divorce.

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