Virginia business owners might want to take steps to protect their ventures in case of a divorce. Even though the other spouse may have nothing to do with the company, it might be possible for that person to claim half of the business or half of the value that it has gained since the date of the marriage.
Virginia residents who are considering getting a divorce may already be aware that the process can be very expensive. However, the Tax Cuts and Jobs Act could make marital separations that take place after 2018 even more costly.
Divorce can put a former spouse under financial and emotional stress. For seniors, the process may be especially destabilizing financially as it can be shocking to go from a two-income household to just a single income. However, seniors in Virginia who are approaching or going through a divorce can take steps to mitigate the financial harm.
The job a person has tends to have a direct impact on his or her life. For instance, it can be a source of stress that affects health and relationships. In some cases, working with members of the opposite sex increases a person's chances of getting a divorce. Of course, this doesn't mean that a Virginia spouse will experience a failed marriage just because of who they work with.
In 2012, a study found a surge in divorce among adults who were 50 and older. This age group was divorcing at twice the 1990 rate. Dubbed "gray divorce", researchers say the phenomenon has not slowed, and they have identified several factors that may contribute. Expectations for what marriage can offer have risen, and women are less dependent on men financially than in previous generations and thus more likely to leave their marriages. Longer life spans also may mean people are less willing to remain in an unsatisfying marriage.
The conversation about getting a prenuptial agreement can be a difficult one, but it can also be an important document for protecting people financially. A prenup may be particularly important for people in Virginia who are going into a second marriage. If one person is bringing significant assets into the marriage, that person might want a prenuptial agreement to ensure those assets are protected in case of divorce. If one spouse earns significantly more than the other, the lower-earning spouse may want to make sure there will be adequate alimony payments.
Children of divorce in Virginia and throughout America are more likely to get divorced themselves. However, it doesn't mean that they will get divorced or that it makes ending a marriage any easier. Since 1990, the divorce rate for older Americans has gone up while it has gone down overall. For those over the age of 65, the rate of divorce has tripled since 1990.
When couples in Virginia think about setting the date for their weddings, divorce may be the last thing on their minds. However, according to research conducted at the University of Melbourne, there is a correlation between the choice of wedding date made by a couple and their later probability of divorce. Couples may select a date for a wide range of reasons. In some cases, they choose one with personal significance; at other times, they choose one that is more convenient for family travel or venue rental. However, people who choose holidays and other special dates may be more likely to face problems down the road.
Newly divorced parents in Virginia may be confused about the different types of child support cases that exist. While some exes handle child support privately by paying it directly to the custodial parent, others pay child support through a state system. The type of child support case determines how the payment is handled; the most common types are called IV-D, IV-A, IV-E and non-IV-D.
In Virginia and across the country, much attention has been paid to the social issues that surround the nation's growing student loan debt. Young people are particularly affected by educational debt and are graduating from college and university with larger burdens than in the past. The average student loan debt across the country is $34,144, but graduates of the class of 2017 owe an average of $39,400 in educational debt. While many have discussed the effects that these substantial debt burdens have on the choices that young people make, the effects can move far beyond career decisions and financial management.