When a couple in Virginia decides to end their marriage, they will need to make some important decisions regarding the division of their assets and liabilities. These decisions can affect their entire future post-divorce. It is important for each party to be prepared with the right information before property division negotiations begin.
Divorce involves not just the unraveling of a personal relationship, but also a financial relationship. Virginia couples seeking to end their marriage will face financial and property issues that must be resolved before they can part ways. Property division is a major focus of many divorces, and its outcome can affect a spouse well after the divorce has concluded. It can help to keep a few points in mind when it comes to the financial aspects of divorce.
Paying spousal support can be a sticking point between a couple, even after their divorce is finalized. Not only does it tie a person to an ex-spouse well after their marriage has ended, but life events may occur that makes one party feel the spousal support order needs to be modified. However, not all spousal support requests will be honored.
Married couples in Virginia who are facing a divorce may find that one of the most contentious issues is property division. After all, certain marital assets have significant financial or sentimental value. For example, disputes can arise as to which party will retain investment accounts or which party will retain family photos. Sometimes, couples can decide who gets what in the property division process and reach a settlement that they are both satisfied with. However, other couples will need to turn to the court for a decision on property division issues.
Many business owners in Virginia see financial success as they run their enterprises. This success can occur during marriage, meaning that both spouses benefit from it. However, not every marriage is meant to last and some couples will end up seeking a divorce. This means that, as part of the property division process, the business must also be divided. Before that can happen, however, there may need to be business valuation proceedings.
What is behind many divorces? Some may say disagreements about money and a lack of communication between spouses are two primary reasons a couple may decide to end their marriage. However, executing a prenuptial agreement (called a premarital agreement in Virginia) or a postnuptial agreement (called a marital agreement in Virginia) can help couples open up the door to discussions on the touchy subject of finances, in a manner that allows them to be open and honest with one another. This can help set the stage for positive communication between the spouses in the future. And, if the marriage does not last, a prenuptial agreement can make the divorce process run smoother.
Divorce is one of the biggest changes in life a person can undertake. Not only is one transitioning from married life to being single, but they may find that this transition touches not only their personal life, but their financial situation as well. Therefore, it is important to have a clear understanding of financial issues that will need to be settled in the divorce process.
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.
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.
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.