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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.

Why should one not rush through property division in a divorce?

People in a failing marriage may be eager to end their relationship as quickly as possible. However, those in Virginia who are seeking a divorce may want to make sure they do not act rashly but instead take the time they need to end their marriage in a way that protects their best interests.

Be on the lookout for hidden assets in your divorce

Finances are often at the heart of many arguments couples have while married, so it should come as no surprise that if a couple decides to divorce, financial issues are still a source of contention. Sometimes, one spouse may even try to hide assets from the other spouse, so they can get the upper hand in the divorce. This is illegal, but it does happen. Therefore, Leesburg spouses should be aware of signs that their spouse is hiding assets.

What factors will a court use in the property division process?

Couples seeking a divorce in Virginia, whether they have been married only a few years or whether they have been married for decades, are faced with decisions about what to do with the property they amassed while married. Who gets the house, the cars, electronics, furniture, artwork and jewelry? Couples seeking a divorce may be surprised at just how much marital property they have that must be divided.

How might a divorce in Virginia affect one's retirement plans?

Couples in Virginia who worked hard for decades at their place of employment look forward to the day they are able to retire. However, sometimes life throws a curve ball, and a couple divorces before they are retired. This could have a significant impact on their retirement plans.

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Sevila, Saunders, Huddleston & White
30 North King Street
Leesburg, VA 20176

Toll Free: 800-239-4122
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