Just as there's more than one way to bake a pie, there's more than one way to get divorced. For instance, a couple in Virginia could choose to discuss matters among themselves and deal accordingly. If the couple is going through an acrimonious breakup, they could go to court and have a judge settle matters. Simply put, the spouses could figure out the details of the separation either on their own or with the help of a third party.
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.
Marriages in which both people work and make similar incomes are more common than they were in the past, but there are still many couples who start their marriages with a more traditional arrangement in which the husband earns most of the money. However, Virginia couples who opt for a less traditional model might end up with a more stable marriage. Researchers in Sweden found that marriages that started out with the husband as breadwinner and transitioned to the wife making as much or more money than her husband were more likely to end in divorce than marriages that began on equal footing.
The divorce process can be quite difficult for the spouses as well as any children involved. That's why many divorcing parents in Virginia are committed to finding ways to help soften the blow of their split. For some, this means finding creative ways to address custody arrangements.
Virginia residents and anyone else looking to divide a 401(k) in a divorce may need to tread carefully when doing so. Ideally, the account will be split with the assistance of someone who has knowledge of the qualified domestic relations order (QDRO). The order will need to be written carefully to ensure that it adheres to language included in the divorce decree itself. Funds are generally sent from one person's 401(k) into a 401(k) in the other spouse's name.
Virginia couples older than age 50 may be more likely to get a divorce than in previous decades. Research shows that over the past 25 years, the divorce rate has doubled for this age group. This can present financial concerns for people who are nearing retirement, but there are things they can do to reduce the likelihood that this will cause problems.
Virginia couples who are thinking about separating should understand that a divorce has several tax implications. For instance, it may be necessary for an individual to change his or her filing status from married to single. If a couple has merely separated, they could file taxes jointly or separate. Those who pay or receive alimony may need to acknowledge this on an income tax return.
A 2012 study by the Justice Department found that around 1.5 percent of all adults reported experiencing stalking compared to 3.3 percent of people who had gone through divorce or separation. Individuals in Virginia and throughout the country may also experience this in the form of electronic surveillance. This could include both GPS trackers and spyware installed on smartphones.
It seems as if more people in Virginia and around the country file for divorce in January than in any other month. While studies have shown that more divorces are filed in August than in January, there is normally a surge at the beginning of each year. There are several factors that contribute to this.
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.