Regardless of how close or far away retirement might be for a Virginia couple, divorce could make a significant dent in their retirement savings. Further complicating matters may be the fact that it can be difficult to set aside emotions during divorce negotiations. However, this will be necessary to ensure future financial security.
Virginia business owners who are getting married might wonder how they can ensure that the company does not become a point of contention if there is a divorce. With a prenuptial agreement, the couple can establish that the business is separate property, and it will not be part of the process of property division in a divorce.
Business owners and members of upper management in Virginia often have a lot at stake when they negotiate their divorces. Decisions about the division of real estate, retirement accounts and business assets often involve tension or outright disputes. The possibility of paying child or spousal support could add to their concerns. The stress could spill over into workplace performance, or the divorce could alter the ownership of a company.
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.
Getting divorced in Virginia can have a very negative impact on retirement plans. When spouses get divorced, they will have to divide all of their marital assets, including the money that they have saved in their retirement accounts. However, there are several ways that people can recover after their divorces so that they can still retire comfortably.