Many people have student debt here in the United States. Reportedly, there is currently around $1.5 trillion in outstanding student loan debt in the nation. The average outstanding student loan balance is estimated to be over $34,000. So, it is not uncommon for couples to enter marriage with one spouse or both spouses carrying a fair amount in student loans.
For over 70 years, Americans paying spousal support have received significant tax breaks, especially in cases involving a large wage gap between former spouses. This break is coming to an end in 2019. A recently developed law will remove tax breaks on spousal support payments that are finalized after December 31, 2018. Both individuals paying and receiving support will be affected.
In a divorce, many things could happen with child custody. It could end up being given jointly to both parents. Another possibility is one parent being given sole custody, with the other getting visitation time.
There are situations in which people generally don’t want to be surprised. One is divorce. A divorce has major impacts on one’s future. So, when a person gets caught off guard by something during this process, they may be very worried about what this unwanted surprise could mean for their long-term well-being.
It is a worry many have: Will I have enough to retire? A recent study indicates that many Americans may be in a precarious position when it comes to their future retirement. According to this research, in 2016, about 50 percent of working-age American households were at risk of not having enough to maintain their present standard of living when they retire.
How does Virginia's divorce rate compare to the rest of the country? Centers for Disease Control and Prevention data points to Virginia's rate being above the national average.
One thing that may matter greatly for you as a parent is making sure your child will one day be able to get a high-quality college education. Given this, you may have been planning for quite some time on how to best financially support your child's college dreams. However, now something has happened that has left you wondering about the future of these plans: You are getting divorced.
The choice to end a marriage can be a life-changing decision that, like getting married, can have critical legal and personal implications. Because of this, choosing to divorce should not be taken lightly. While there are several instances where a divorce should not be initiated (i.e. before a family gathering, during a holiday) few people discuss the ideal times to start one.
Suggestions to enroll in couples therapy can be met with mixed emotions. On the one hand, having a neutral third party to help resolve situations is inherently good for a marriage. On the other hand, there is a belief that therapy sessions are simply the precursor to a divorce. This begs the question of whether couples therapy leads more people to end their marriages and whether therapists actually advise troubled couples to divorce.
Despite what you may feel about how your divorce is going, settlements are very common. In fact, only a small percentage of contested divorces actually go to trial. However, before any settlement offer is accepted (or rejected), it is critical to understand whether such a compromise will make financial sense.