Obtaining a credit card is relatively easy, even for young adults. In fact, as of July 2016, the amount of revolving debt for American families totaled nearly $970 billion, according to the Federal Reserve. Virginia residents might be interested in reading about the good and bad features of credit.
The financial aspects of divorce
Negotiations over delicate matters like property division and spousal support can quickly become heated during a divorce, but knowing what to expect may help spouses to avoid bitter disputes and reach amicable agreements. While Virginia's equitable distribution law does not require marital property to be divided equally, it does call for the division to be basically fair. Spouses should prepare for these discussions by setting realistic goals, and they should not allow their emotions to get the better of them when the conversation turns to assets with great sentimental value.
Court rules against changes to Chapter 13 repayment plans
Many Virginia residents file for Chapter 13 bankruptcy as a way to get out of debt while retaining their most valuable assets. Debtors who file under this chapter can keep their home, car and other valuable property while they pay off a portion of their debts over three to five years. After the repayment period is over, some of the remaining unsecured debt may be discharged.
How disagreements over money can lead to divorce
First-time marriages have around a 45 to 50 percent chance of ending in divorce. If people are marrying for the second or third time, that number climbs higher than 70 percent. However, the common cause of many marital problems is disagreements about money, and if Virginia couples can ensure that they are on the same page about financial matters before marriage, they may stand a stronger chance of avoiding divorce.
How parents can resolve custody issues
In many cases, Virginia parents are granted joint legal child custody after a divorce. It is not uncommon for them to disagree from time to time as to how their children should be raised. If a disagreement does arise, it is important to understand the options available to remedy those disputes. For instance, it may be possible to seek a resolution in court through litigation.
The best time to file for divorce
Family law attorneys in Virginia and around the country often notice a pattern in divorce filings. Studies have shown that most people file for divorce in August and March, months that follow traditional family holiday periods. Some people believe that is triggered by unsuccessful attempts at reconciliation during summer vacation and Valentine's Day. January, a month that follows winter holidays and begins the new year, is also a popular month for divorce filings.
What Virginia residents should know about credit card debt
According to one study, the average American household has $5,700 in credit card debt. Furthermore, more than 38 percent of American households have a credit balance of some sort. Those over the age of 75 have the lowest average credit card balance with $5,638 while those under the age of 35 have the second-lowest average debt at $5,808. Households earning over $160,000 a year have an average of $11,200 in credit debt, which shows it effects people of all income levels.
