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divorce and family law Archives

How women can face financial challenges after divorce

Women who have gone through a divorce in Virginia know that dealing with financial challenges can be overwhelming. While men can experience financial difficulties after a divorce, women are more likely to experience a decrease in income and live below the poverty line.

Some couples are saving money by getting a divorce

Many happily married Virginia couples would feel uncomfortable asking their spouse for a divorce in order to save some money. However, there are some who are considering a divorce on paper in order to save money, especially high-earning couples who want to avoid the so-called "marriage penalty." This applies to couples who file their taxes jointly and have taxable income in the 37% tax bracket.

Determining a home's value in a divorce

Estranged Virginia spouses who are seeking a divorce may be interested in retaining their marital homes. In some cases, this is done by buying out the other spouse. There are many different factors that need to be considered when determining how much a buyout could be worth. For instance, it is important to figure out how much equity is in the home. Equity is the value of the home after subtracting the balance owed on a mortgage.

Marital problems that lead to divorce

While there is no way to look at a marriage and accurately predict whether or not the union will last, relationship experts, divorce attorneys and psychologists have combined their knowledge to make a list of potential bad habits that a couple may not be able to overcome. Virginia residents might like to know about traits often found in relationships that do not last.

Research finds emotional, psychological reasons for divorce

Virginia couples who are considering ending their marriages may be doing it because they are not emotionally fulfilled. According to a survey of 2,371 divorced people, psychological and emotional reasons may have replaced reasons such as addiction or violence as the main causes.

Finding a way to become private in a social media world

In Virginia and across the United States, people thinking about divorce typically have active accounts on one or more social media websites. Although it is fine to maintain an account on Twitter or Facebook during and after divorce proceedings, people who want uncomplicated divorces should think twice about their online profiles. According to research, individuals with active accounts on Facebook and other social media platforms often experience problems with their marriages.

Financial planning may reduce co-parenting stress

The American Psychological Association has reported that between 40% and 50% of marriages nationwide end in divorce. It is among the most stressful events a person can experience, and it can bring with it financial concerns, especially for couples who have children. Co-parenting after a Virginia divorce becomes much easier if the parents work together to minimize financial stresses.

Keeping separate accounts may not protect funds in divorce

According to a survey conducted by Bank of America, 28% of people in the millennial generation choose not to establish joint bank accounts with their spouses. Members of this generation in Virginia are more likely to keep their financial lives entirely separate than previous generations. Part of the reason may be that technology, including financial apps and services, has made it easier to share expenses, and part of the reason may be that millennials have seen how hard it can be to divide assets in divorce.

Divorce trends differ based on age

People in Virginia and across America are generally accepting of those who have gotten a divorce. However, the divorce rate has fallen from 4.7 per 1,000 American adults in 1990 to 2.9 per 1,000 in 2018. There are a variety of reasons as to why this is the case, and one of the reasons is that individuals tend to be older when they get married for the first time.

How divorce can affect Social Security

When Virginia couples decide to divorce, there are some effects on Social Security that they may benefit from learning about. Since 96% of American workers are part of the Social Security system, these issues can affect a large number of people. There are some specific provisions of the system that are designed to protect spouses, including those who have been out of the workforce or served as homemakers. People with low earnings or no history of income can collect up to half of their spouse's full benefits under Social Security.

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Manassas, VA 20110

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