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New tax laws could affect Virginians seeking a divorce in 2019

The 2017 Tax Cuts and Jobs Act brought with it many changes to our nation's tax laws, including changes that could affect divorcing couples in Virginia and nationwide. Specifically, these tax laws affect how spousal support, also known as alimony, is paid and taxed.

Why should you finalize your divorce in 2018?

2018 is more than half way over. For many people in Virginia, the first half of the year was a blur and they wonder where the time went. However, for those in unhappy marriages, these months may have seemed to drag on. Sometimes, if a person's marriage just cannot be saved, divorce is in their future. However, there are some important tax reasons why a person might want to consider divorcing before the year ends.

Keeping emotions in check when dividing assets

Many people in Virginia who are going through a divorce are suffering from a broken heart or the disappointment that a marriage they thought would last forever is ending. They may be angry at their spouse for events that led up to the end of the marriage. Yet, they must remember that the decisions they make during the divorce process could affect them for the rest of their lives. It is important to try to think practically when it comes to property division, even during what is understandably an emotional time.

Virginians should think of their financial futures in a divorce

Financial issues can be a sensitive topic between spouses, and money is often at the root of many divorces. Once a couple in Virginia has decided to end their marriage, trying to reach an out-of-court settlement can help divorcing spouses, particularly when it comes to financial issues. This is because when it comes to executing a settlement agreement, each spouse has more of a say in the outcome of their divorce, which may make them more satisfied with the final result. However, there are a couple points couples should keep in mind when addressing money-related issues during their divorce negotiations.

Virginians can plan for their child's college costs post-divorce

Getting a college education is a dream many parents in Leesburg have for their children. However, paying for college these days is not cheap. It can cost parents anywhere on average from $20,770 to $46,950 per year, depending on whether the college is a private college or an in-state school. Some parents may have set aside a savings account when their child was young, with the intention on using it to pay for their child's college education when the time comes.

Think pragmatically when it comes to finances and divorce

When a person in Leesburg decides to end their marriage, that person may experience many different emotions. There may be sadness that the relationship did not work out, and anger at the soon-to-be ex-spouse for any behaviors that lead up to the divorce. However, there may even be relief that an unhappy relationship has come to an end, and perhaps even happiness at the thought of getting a fresh start. With all of these emotions swirling in a person's head, it can sometimes be difficult to think pragmatically. However, it is important not to let your emotions cloud your judgement, especially when it comes to finances and divorce.

Virginia couples in a "gray divorce" may face financial issues

These days, it is not unusual for a couple in Virginia to divorce, even if they had been married for decades. In fact, the Pew Research Center reports that, since the 1990s, the rate of divorce for couples ages 50 and up has increased twofold. People may be realizing that as the years go by, they grow apart from their partners to the point that the marriage is untenable. Or, some couples who have been staying married for the sake of the children may find that once the children leave the nest they are ready to end their marriage.

Property division and divorce could impact one's credit score

Married couples in Virginia may be keeping an eye on their credit score for a variety of reasons. They may be looking to buy a home, a new car or even something fun such as a boat or an RV. And, some simply want to be financially savvy when it comes to their own money, and will keep an eye on their credit score simply so they know where they stand. However, divorce is a reality that many couples eventually face. What they should know, however, is that getting a divorce can have an effect on their credit score due to a variety of circumstances.

Protecting one's business in the property division process

Many married people in Virginia are successful entrepreneurs, building a business from the ground up. In addition, many of these entrepreneurs are married. However, not every marriage is meant to last. When a business owner is facing the prospect of divorce, they may wonder how to protect their interest in the business through the property division process. After all, most people going through a divorce do not relish the thought of being a business partner with their ex. Fortunately, there are still some steps business owners can take to protect their business.

Refinancing the family home after property division

When it comes to warring spouses in a divorce, the spouse who is granted the house may think he or she has "won." However, homeownership is a financial responsibility, one which now must be done on a single income. Sometimes a spouse in Virginia is happy to no longer be shackled to a home that holds bad memories. Whichever side of the coin one falls on, there are some important things to consider with regards to dividing the family home in the property division process, including the possibility of refinancing once the dust has settled.

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