If a Virginia resident gets a divorce, it is important to make sure the estate plan is consistent with the divorce agreement. Often, people forget to remove an ex-spouse from a beneficiary designation, and this can result in assets such as retirement accounts or life insurance policies going to an ex-spouse instead of to whom the person had intended.
Debtors benefit by filing for bankruptcy early
Virginia residents who are thinking about filing for bankruptcy are generally better off doing so sooner rather than later. By waiting to file, it could result in asset depletion or other problems that make it harder to truly get a fresh start. In some cases, individuals wait months or years before they ask for protection from creditors. By the time they avoid buying food to prevent bankruptcy, they are in what is called the "sweatbox."
Head of Child Support Enforcement seeks further automation
As with nearly every state, most child support payments in Virginia are made through a payroll deduction. A form of garnishment, money for a person's child support obligation is generally taken through their paycheck. The Virginia Department of Social Services then forwards the payment to the child support recipient, less a small administrative fee.
Uncovering income and assets for child support.
Though child support is considered a priority debt and is often subject to a wage withholding order, some are more than others in collecting money. Those who work 'off the books", those who do not report income and those who claim not to be employed can make life more difficult for a child support recipient. Those in Richmond, Virginia should know the process may be difficult, but not impossible.
What can and cannot be discharged in bankruptcy
Mortgage, auto loan and credit card debts are among those that Virginia residents and others may be entitled to discharge in bankruptcy. In a Chapter 7 bankruptcy case, assets are liquidated with the money used to repay creditors. It is important to note that not all assets are liquidated as individuals are allowed to keep whatever they need to get to work or otherwise earn a living.
More women paying alimony, stigma fading around prenups
More women in Virginia and across the country are paying child support and alimony, according to a survey by the American Academy of Matrimonial Lawyers. The AAML study found that 45 percent of lawyers saw an increase in the number of women being ordered to pay spousal support in the past three years. For the same time period, 54 percent of lawyers said they saw a rise in the number of mothers making child support payments.
