When Ohio parents are going through a divorce, one of the most important things they will need to determine is how they will handle child support. In some cases, the parent who is responsible for paying child support may feel as though the other parent is getting a free paycheck, but the reality is that children are expensive; those expenses range from food, clothing and shelter to activities and school supplies.
It has been widely reported in Ohio and around the country that many people are financially unprepared for retirement, but figures from the Center for Retirement Research reveal that divorced individuals are in an even more precarious position. The CRR developed a retirement risk index in 2006 to find out how many households will be able to maintain their standards of living during retirement, and they discovered that the risk factor for divorced spouses was 7 percent higher than the population as a whole.
Planning for a child's college education can seem difficult and out of reach for Ohio parents, a problem that can be magnified in the case of divorce. University fees rise each year; in fact, the College Board estimates that the cost of attending college rises annually by 3 percent, an amount that can make a significant difference when dealing with tens of thousands of dollars in tuition and fees. While parents may work to develop a plan for their child's education, it is very rare for such a plan to include contingencies in the case of divorce.