Some couples get divorced relatively early in their marriage. Others end a marriage decades after it started. However long a person has been married prior to a divorce, what happens in his or her divorce can have significant impacts on his or her future.
Many things impact what will happen with a given asset in a divorce. One of the bigger factors is whether the property in question is separate or marital. Marital property generally is eligible for division in a divorce, while separate property typically isn’t. Today, we will go over the basics of separate property in Virginia.
If last weekend's royal wedding taught us anything, it is that the norms and traditions surrounding wedding ceremonies and marriage are changing. Indeed many British traditions were augmented given that an American divorcee was marrying into British royalty, but it also exemplified the changing ideals that Millennials have about marriage and traditional roles.
For many people who decide to divorce, they may only consider the emotional aspects of such a life-changing act. They focus on what to tell family and friends, prepare what they may say to children or what they must do to obtain therapy. However, divorce actually comes with important financial implications, and it is critical that people are prepared for it.
Money problems commonly lead to marital discord and then to divorce. For potential divorcees who are swimming in debt, questions may arise as to whether they should file for bankruptcy prior to divorce. After all, they probably know that the divorce could involve prickly arguments over who was responsible for particular debts, and how to divide it. At the same time, a bankruptcy could eliminate troublesome debt with one fatal swoop.
In a number of our posts, we have highlighted the importance of being prepared before going through the process. This is includes being financially and emotionally ready for a lifestyle change not only for your sake, but for your children’s as well. However, the complex intertwinement of emotions and finances can be so difficult that a spouse may be able to hide assets without being discovered.
We have all heard jokes and comedy routines about wives having a “secret stash” or a “rainy day fund” that can fund girlfriend trips or shopping sprees, but we often get questions about whether it is beneficial to have such a fund in the event of a divorce.
Going through a divorce is tough enough for many parties wanting to move on from their spouses. Enforcing a new divorce decree can be an entirely different battle, especially when it comes obtaining compliance with financial orders (e.g. spousal support, child support). For example, according to U.S. Census Bureau data, a majority of those awarded child support do not receive the full amount awarded.
News about celebrity prenups rarely disappoint, especially given the odd provisions that they commonly come with. For instance, they may come with weight restrictions, infidelity clauses, and rules about in-laws. But with more people waiting longer to get married, chances are that they will want prenuptial agreements to protect the wealth they have amassed before tying the knot.