About half of all first marriages end in divorce, and the odds only get worse the more times someone gets married. For divorcing couples in Virginia, financial times can often get rough after separation. That's why it's a good idea for each party to carefully consider the financial implications of divorce before proceeding with the legal process. Sometimes, couples counseling and therapy can resolve issues and help maintain a relationship.
Financial pressures can undermine marital relationships. Couples in Virginia who fight frequently about spending and debt face a 30 percent higher chance of getting divorced, according to a recent study. Money challenges might confront new spouses right away or arise years later after reckless spending by one or both partners.
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.
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.
The Tax Cuts and Jobs Act, which Congress passed in late 2017, may affect the finances of people divorcing in Virginia and around the country. In the past, when divorced parents had one child, they could take turns claiming him or her as an exemption. This will no longer be possible. Instead, there is a head of household deduction, and if there is one child, it can only be taken by one parent.
For people of all ages, divorce can be one of life's most stressful events, and this can lead to health problems. Older adults, who are divorcing at twice the rate they did in 1990, should be particularly mindful since these health problems can worsen conditions associated with age such as high blood pressure.
Virginia readers may have heard that gray divorce is on the rise. In fact, the divorce rates for couples ages 50 and above has doubled since 1990, while the rate for those ages 65 and above has tripled. Meanwhile, the divorce rates for all other age groups have been declining.
Planning your wedding is time-consuming and at times very stressful. There seems to be a never-ending list of things to do, from interviewing DJs to trying out different caterers to finding just the right accents to set off your theme, not to mention the big-ticket items like finding a venue, booking an officiant and finding the all-important dress or tux.