Some people in Virginia may face a greater sense of financial uncertainty after divorce. A study conducted by Head Solutions Group for TD Ameritrade found that the annual personal income of married people was nearly $10,000 higher than that of divorced people.
Homeowners pay more credit card interest
For many people, owning a home may be a better financial decision than renting. This is because homeowners can take advantage of tax credits while they build equity. However, it's important for Virginia residents to pay attention to the additional costs of homeownership as they decide whether they should rent or buy.
Parental alienation can threaten bond with children
Divorcing with children can be a worrying prospect for parents in Virginia and anywhere in the United States. When the relationship between partners comes to an end, one of the most difficult tasks can be developing a proper co-parenting relationship that fully respects both parents' bonds with their children and protects the children from emotional trauma during divorce. Child support and child custody issues can arise during almost any divorce, but some splits can be far more combative and divisive.
How divorced parents can make holidays less difficult
Parents in Virginia who are going through a divorce might struggle during the holiday season, and their children might find the holidays difficult as well. There are steps parents can take to make this time easier for themselves and their children.
Hidden cash prevents bankruptcy discharge
Virginia residents who are considering undergoing bankruptcy should understand that it is a legal process and that their bankruptcy may not be discharged if they do not follow proper procedure. This is what occurred to a single mother who filed for Chapter 7 and did not disclose that she had $3,500 on hand.
Splitting IRAs and other retirement plans
When people in Virginia get a divorce, a retirement account may be one of the main assets they have to divide. How this is done depends on the type of account it is.
Things to consider before divorcing near retirement age
The types of issues that Virginians face when they get divorced may be more complex for people who are older. While the divorce rate among younger people has fallen, the rate of divorce for people who are over 50 has steadily climbed during the last couple of decades. Older people who are thinking about getting divorced should carefully consider their options before they file.
