Married couples typically commingle their assets, while also making joint purchases. From your family home to your vehicles, from your bank accounts to your retirement accounts, sharing is common.
This is all well and good while married, but it can lead to various complications if you decide to divorce.
When a person passes away, it is the responsibility of the loved ones left behind to decide what happens to that person's estate, possessions and money. They also have to make decisions regarding the funeral. When a person has an estate plan, it typically outlines his or her wishes regarding these things. When there are no plans, it can cause significant complications. Wills, trusts and other planning tools can significantly benefit a Virginia family.
Dying without a will can leave a family in disarray. More often than not, family members will have disagreements regarding what should happen to the estate and how the funeral plans should work. Often, it is necessary for a family or beneficiaries to end up in court to settle the issue. There are plenty of examples of how failing to have an estate plan or not updating a plan can lead to trouble.
When deciding on floral arrangements and reception locations, soon-to-be married couples often forget to ask themselves a very important question -- what if things do not work out? While it might strike some as a distinctly unromantic thought, it is an important consideration. As many as half of all marriages end in divorce, so wanting to protect personal interests is not just understandable, it is smart. This can usually be accomplished with a prenuptial agreement.
Creating a prenuptial agreement gives a couple in Virginia the opportunity to outline which property is separate. Separate property are assets that a person acquired before getting married. While this property usually remains separate even after marriage, there are times when its status may be called into question. For example, commingling assets -- mixing separate property with marital property -- can make it difficult to determine exactly what belongs to who during divorce. A prenuptial agreement clearly outlines which property is separate, making property division easier in the future.
The husband of one-time candidate for U.S. vice-president is seeking an end to his marriage. Virginia residents will know Sarah Palin as the 2008 Republican vice-presidential nominee. Her husband of 31 years, Todd Palin, is filing for divorce, allegedly because of incompatibility of temperament. They are both 55 years old.
The couple have four children and Todd Palin is asking for joint custody of the one child who is still a minor under the law. The couple have had to dodge media rumblings of trouble in their marriage for at least the last decade. For the last six months, Todd has not been on Sarah's social media accounts, according to media reports.
Virginia parents can petition a court to make changes to an existing court order regarding their children. The court always has children's best interests at the forefront when making child custody, visitation or child support decisions. These decisions, however, are not cast in stone, and under certain circumstances, the court may determine that modifying a signed agreement is warranted. Britney Spears and her former partner, Kevin Federline, recently sought to modify their co-parenting plan.
Spears and Federline share two sons, ages 13 and 12. Under the new plan, the boys will split their time with their parents 70/30. Spears has the lesser amount but her visits will be unsupervised. The former couple have been living separate lives for approximately 12 years.
It may not be something you're looking forward to, but it's a necessity to prepare your finances for divorce. With knowledge of your situation, it's easier to make confident decisions that will work in your favor in the future.
Here are five steps you can take to prepare your finances for divorce:
When a marriage ends, there are often significant concerns regarding what the financial future will look like. The terms of the final order will affect a Virginia reader for years to come, and a person's income structure will play a significant role in this. How and how much a person is paid will impact how he or she fares in the divorce.
If a person makes a normally structured salary, such as receiving paychecks every two weeks, this will not be complicated to address during a divorce. However, there are pay structures that can be quite complex, such as those that may offer bonuses, commission pay and more. The lesser-earning spouse may be entitled to spousal support, and the amount of this support depends on the pay of the other spouse.
The choice to end a marriage is not always an easy one to make. For some Virginia couples, divorce only becomes inevitable after months of separation, discussion and consideration. There are many common issues that can lead to this decision, and understanding why it happens can help a person move forward with his or her divorce.
Most people get married for love, and a lack of love is one of the most common reasons for divorce. Feelings can change over time, and things can happen that can alter spouses' feelings for one another. Even if spouses are friends, a loss of romantic feelings is detrimental to a marriage, as is a loss of trust, mutual respect and sympathy. These are all things that serve as the foundation for many marriages.
Planning for the future is not an easy process, especially for a Virginia couple that just got married. It's difficult to know what kinds of legal protections are necessary and important for two people who may be young with lower incomes and little savings. Drafting wills, trusts and other estate planning steps can be a smart course of action for a couple of any age and financial status.
One smart step for a couple starting out with the estate planning process is to simply take inventory of their assets and their debts. This can help someone understand where he or she is and what protections can be helpful for their current status. In addition to inventorying property and assets, it is also smart to go ahead and identify beneficiaries. This is prudent even for couples who do not have kids yet.
Divorce is hard and divorce is sad; both of these are magnified when children are involved. In Virginia and across the country, child custody is often a difficult issue to resolve as both parents typically want what is best for their child, but may have different ideas of what that may entail. There are different types of child custody and different factors to be considered in determining the best interests of the child.
The different types of custody include joint custody, legal custody, physical custody and sole custody. Joint custody typically involves a child spending part of his or her time with each parent. This can be the best option if the parents live in relatively close proximity to each other to allow the child to attend the same school and activities and maintain friendships. Legal custody gives a parent the right to make decisions on behalf of the child regarding such things as medical care, schooling and activities. Sole custody grants legal and physical custody to one parent but the other may have visitation rights.
With offices in Herndon and Aldie, I serve clients in northern Virginia and Washington, D.C. To speak with an experienced, dedicated and highly rated lawyer, call me at 571-335-1831 or send me an email.
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Herndon Office
13800 Coppermine Road
Suite 105
Herndon,
VA
20171
Phone:
571-335-1831
Fax:
703-327-8394
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Aldie,
VA
20105
Phone:
571-335-1831
Fax:
703-327-8394
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