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.
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.
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.
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.
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.
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.