How Divorce Can Impact Children’s Financial Accounts

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Children’s financial accounts during a divorce process..should you be concerned?

How Your Children’s Financial Accounts Might Be Impacted From Your Divorce

childrens financial accounts divorceNavigating the divorce process can be particularly challenging for families. While dividing assets is rarely easy in any scenario, determining how to divide accounts you started for your children during your marriage can raise additional questions and concerns.

Types of children’s financial accounts

There are several types of accounts parents open for their children. Some of the most typical accounts are 529 plans for education-related savings, joint checking accounts, trust funds, interest-earning accounts, and custodial accounts.

Education savings accounts (529 plans)

These plans are named after Section 529 of the Internal Revenue Code, are not deductible, and offer other tax advantages. 529 plans help families pay for future qualifying education-related expenses like tuition or post-secondary training.

In most cases, the custodial parent in a divorce should be the 529 plan account owner. Because these plans are considered assets of the account owner, how the courts handle these accounts during the division of marital assets is sometimes difficult to predict. In some cases, a judge will exclude 529 plans from the division of assets, in other cases they may require … Read More... “How Divorce Can Impact Children’s Financial Accounts”

Financial Considerations Regarding Ohio’s Postnuptial Agreement Law

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Postnuptial Agreements Can Help Protect Financial Interests in Divorce

PUBLISHERS NOTE:

Over the last 40 years I have seen the benefits that collaborating with various professionals from other fields can achieve in my divorce work. My training and experiences are that of a divorce lawyer, so I know that area of law pretty well. However, many times, creating a multidisciplinary “team approach” with therapists, counselors, financial planners, CPAs, and appraisers can make a world of difference for the client!

So, once Ohio passed the law allowing for creating postnuptial agreements, I reached out to today’s guest contributor, Alyssa Miller. She is the Managing Director of Alternative Divorce Solutions in Centerville. Alyssa and her father and business partner, Ben Feldmeyer, have an excellent reputation in the Dayton community for providing a wide range of financial services and support in divorces, estate planning and other business matters throughout Southwest Ohio.

Alyssa and Ben were very excited after we discussed the potential benefits this statute has opened up in Ohio. Alyssa shares below some thoughts from her perspective as a Certified Financial Planner, Certified Divorce Financial Analyst and a Certified Divorce Coach.

Postnuptial Agreements Help in Ohio: Centerville-Based Alternative Divorce Solutions Provides Financial

… Read More... “Financial Considerations Regarding Ohio’s Postnuptial Agreement Law”