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.
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.