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November 2015 Archives

Virginia divorces and the division of retirement accounts

Many people have retirement accounts, either on their own or through their jobs. When people have made contributions to these accounts during their marriages, the portion of those accounts resulting from those contributions as well as the accrued interest on the balance attributable to those years may be divided in their divorces.

Alimony may be influenced by a number of factors

As Virginia residents contemplating divorce may know, support in the form of alimony is sometimes ordered by the court. The higher-earning spouse may be required to pay alimony to help with the living costs of the other partner. A number of factors may be considered by the judge when determining alimony.

When bankruptcy may be the best option

When a Virginia resident files for bankruptcy, it could lower his or her credit score by 100 points or more. This may make it hard to get a mortgage or gain approval on future credit card applications. As the effects of bankruptcy could linger for many years, it is often seen as a last resort for those who have no other options. However, bankruptcy may be the best move in some cases.

Divorce rates rising among older people

Many people who are going through a divorce in Virginia and around the country are over the age of 50. While the divorce rates among younger couples have gone down, researchers say that 'gray divorces" are on the rise. In 2014, there were two times as many divorces involving spouses over 50 than there were in 1990, according to a Brigham Young University study.

Financial abuse a source of control in violent relationships

People in Virginia may shake their heads when domestic violence victims return to their abusive relationships, but money often drives the decision. Victims sometimes have no access to money and may not even have a job when they try to leave a relationship because of the effects of financial abuse.

Protecting a business if divorce occurs

Family businesses can be helpful solutions to meeting household expenses, and in many cases, side businesses become primary sources of income for Virginia residents. However, it can be a challenge to deal with a family business during divorce, especially if both partners have contributed significantly to the success of the endeavor. When a business is predominantly operated and grown by just one spouse, however, there might be less of a probability of losing all or part of it in the process.

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Bowen Ten Cardani, PC

Richmond Office
3957 Westerre Parkway, Suite 105
Richmond, VA 23233

Toll Free: 866-601-7371
Phone: 804-767-6850
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9410 Atlee Commerce Blvd, Suite 2
Ashland, VA 23005

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