When I look at divorce settlement proposals for clients as part of my Financial Consultations, there’s one thing I consider above everything else. I’d encourage you to do the same. In evaluating your divorce settlement, think of this first and foremost: Are you able to uphold this agreement?
Oftentimes, people want the maximum child and/or spousal support possible — and I get that. However, if someone is making a promise they can’t uphold yet they’re signing a legal, binding document saying they will, it could land everyone in hot water (or, at the very least, lead to unnecessary drama and possible post-decree issues).
It’s important for you and the other person signing the divorce agreement not to make promises you can’t keep. Consider these three things when evaluating your divorce settlement to ensure you're not forgetting the cardinal rule of “don’t make promises you can’t keep.”
Like I wrote in...
Preparing for a divorce is a lot more than just picking up the phone and calling an attorney. There are the emotional aspects, financial, legal, and, of course, there are parenting issues. It means figuring out what life is going to look like when it's all said and done and includes preparing your children for the transition. For the stay-at-home mom, there are additional concerns around income.
When you realize that your marriage is over, it's normal to feel a variety of emotions. Over time, you'll experience all of the stages of grief. You'll be grieving not only the loss of your relationship but the loss...
UPDATE: OHIO IMPLEMENTED NEW CHILD SUPPORT GUIDELINES ON MARCH 28, 2019. THE RESOURCES BELOW REFLECT THESE CHANGES.
For those who have minor children at the time of a divorce, one party or the other will likely be paying child support (unless they genuinely share parenting 50/50 and make about the same amount of money). Child support is paid until the child reaches age 18 or graduates from high school, whichever happens last. There is some grey area when it comes to how to calculate child support in Ohio.
Many people think that Child Support calculations are black and white. In some cases, that may be. However, there are many cases in which the calculation can be a little more complicated. The State of Ohio offers worksheets as well as a manual for how to determine the appropriate inputs for the calculations. Links to the resources are below.
At the most basic level, child support...