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April 2016 Archives

What to know about child support in Virginia

An estimated 40 percent of children are born to unwed mothers. Furthermore, a quarter of all children under the age of 18 are raised by their mother alone. Therefore, child support payments can be a critical source of income to stay financially stable while raising a child. To obtain child support, a mother must first establish that a man is the legal father of the child.

Some ways to avoid a foreclosure

In 2012, there were about 16 million homeowners facing foreclosure compared to just 6 million at the start of 2015 according to Zillow. However, as many as 20 percent of homes in cities such as Chicago or Las Vegas are underwater even as home values rise. This means that something as simple as a job loss or rising interest rates could trigger foreclosures for many Virginia families moving forward.

Summer custody and visitation planning

Summer is a time that often provides children with pleasant memories, but parents dealing with it for the first time after their divorce may find that there is a bit of apprehension about vacation activities as parenting time is considered. A more detailed parenting plan can simplify the matter by making provisions for timing of travel and times children will spend with a non-custodial parent. Additionally, incorporating provisions for dealing with changes of plans can head off otherwise stressful situations.

Prenuptial and postnuptial agreements for entrepreneurs

Entrepreneurs in Virginia and around the country sometimes fail to understand how vulnerable their businesses could be in a divorce. A company may appreciate significantly during a marriage, and business owners are often surprised to learn that their former spouses are entitled to a share of this increase in value. Owners who have yet to marry may choose to insulate themselves against this vulnerability by entering into a prenuptial agreement. Married business owners concerned about this exposure may wish to consider a post-nuptial agreement.

Bankruptcy case may impact Virginia debtors

According to an Illinois district court, money earned after an individual converted a Chapter 11 bankruptcy case to a Chapter 7 case is part of the bankruptcy estate. While one law professor believes that the ruling was wrong, the issue of what happens after a Chapter 11 case is converted to a Chapter 7 has never been heard at the circuit level. Lower courts had trouble answering the question as they were split in their rulings.

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