Virginia Family Law Blog

Virginia fathers who are going through the divorce process are often concerned about how the separation will impact their children. Many dads in this situation are faced with the dilemma of giving up sole custody to the mother. Part of the reason why this question often arises is because experts have in times past warned against children, especially young children, spending time at night away from their mothers.

However, newer research shows the many benefits that children experience when divorced parents share 50-50 joint physical custody. This is true even for younger toddlers and infants. The only exception would be when a parent is neglectful or abuses the child.

In many divorces, one or both parties will have a 401(k) retirement account through an employer. As with other assets, the 401(k) is usually considered a part of the marital estate and is subject to division in Virginia. But when dividing these retirement accounts, special care must be taken to ensure the division does not become a taxable event.

A 401(k) account can be divided 50/50 or some other percentage. Another option is for a firm dollar amount to be set aside for the non-participant. The amount set aside may be kept with the plan sponsor or transferred to an IRA. If certain requirements are met, the transfer will be considered a tax free transaction by the IRS.

People in Virginia who are thinking about divorce often remain for years in unhappy marriages because they are worried about the financial consequences of ending the relationship. It is true that the financial aspects of divorce can have lasting effects that remain long after the emotional and practical attachments have been addressed. However, by keeping some tips in mind, people can help to protect their assets and emerge from divorce with their path to financial success intact.

In the immediate period after a divorce, some people may be tempted to make major purchases. People often need to find a new place to live, and they may find themselves looking for a new vehicle as well as a new style to match their single lives. However, the temptation may not be worth it when people are adjusting to life in a single-income household. Major purchases like a car or a house are best postponed until some period after the divorce when former spouses have gained a greater understanding of their new budgets.

Many spouses-to-be in Virginia may be planning eagerly for their weddings and thinking about venues, dresses and honeymoons. However, experts would also advise them to think about prenuptial agreements. Prenups have a bad name for many people who associate them with planning for divorce before the marriage even begins. Many people also associate prenuptial agreements with greed and a selfish approach that is incompatible with marriage. However, these views of prenuptial agreements derived from media coverage of celebrity divorces and dramatic fiction often diverge from the reality.

In fact, prenuptial agreements aren't only for extremely wealthy people, celebrities or those with large family fortunes. Instead, people in all income brackets could benefit from a prenup, especially if they have major concerns about debt or real estate. Prenups aren't only about distribution of property upon divorce; they're actually a way to begin estate planning early, especially when it comes to the distribution of property to children in case of one spouse's death. This kind of prenup can be particularly important for blended families in which both partners are entering the marriage with children.