In the past, many Virginia couples felt that prenuptial agreements were only necessary for those with substantial amounts of family wealth or high-profile celebrities. However, more and more engaged partners have been won over to the option of deciding in advance how their assets may be divided in a divorce or separation. In fact, many who have already married without a prenup are looking for alternatives. A postnuptial agreement can be particularly important for people with privately-held businesses or family inheritances.
People most involved in the industry have long noticed a seasonal spike in divorce filings following the holidays. How universal is this trend though, or is it more of an overblown myth? One author compiled the evidence and experts to answer that question. Fairfax residents with young children probably already understand why January is sometimes referred to by professionals as "Divorce Month."
Whether it is a carefully planned event that is shared with thousands of people or a private proposal, everyone's hearts are touched by the magic of the moment. While there is so much excitement that surrounds an engagement, there is also a deeply pragmatic side to it. Newly engaged couples in Virginia should know about the benefits that come from prenuptial agreements.
It is common for both men and women in Virginia to experience challenges after a divorce. However, in a country where women are often awarded custody of children and where women's income is 81% of men's, the challenges may be different. Here are two of the biggest challenges women face after a divorce.
Usually, the family home is a marriage's most valuable asset, and divorcing couples in Virginia often find it hard to decide whether to sell or keep it. Spouses who are looking for a clean break and a fresh start might find this decision easy, but couples with fond memories of raising children and living as a family could find the family home very difficult to let go of.
Once couples reach a certain income bracket, their taxes may increase because they are married. Sometimes called the "marriage tax," this applies to couples who in 2019 made at least $612,350. While some Virginia couples may be tempted to file for what is sometimes referred to as a "strategic divorce" in order to avoid these taxes, there are a number of additional costs to consider.
When couples in Virginia and other states go through a divorce, it is common for one spouse to buy out the other's share of equity and keep the family home. This is especially true if children are involved. Here are a few basic steps for calculating a house buyout when going through the divorce process.
Ending a marriage can be emotionally difficult for spouses in Virginia and around the country even if they have been thinking about divorcing for some time. Dealing with legal papers, poring over financial documents and making an inventory of marital assets often takes a heavy toll, and it is not unusual for divorcing spouses to turn to drugs, alcohol or other forms of release. However, there are steps they can take to reduce the strain and get through the process with their psyches intact.
Family law judges in Virginia follow a set of strict guidelines when determining how much child support a noncustodial parent should pay, but their decisions may be revisited and child support orders modified when the situation of one or both of the parents changes significantly. Child support modifications are often ordered when health care premiums or the incomes of either the custodial or noncustodial parent increase or decrease by 25% or more.
Ending a marriage is a decision that should not be taken lightly. This is because Virginia spouses can expect to be emotionally and financially drained by the end of the divorce process. Research has found that women initiate 69% of all divorces, and the rate is even higher among women who have a college degree. There are several reasons why women are more likely then men to ask for a divorce.