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.
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.
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.
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.