Posted on March 07, 2021 in Divorce

If your divorce involves considerable and/or complicated assets, you can benefit from adding a financial professional and perhaps a tax adviser or accountant to your team. That's particularly true if your spouse has been the one who handled the finances, investments and taxes in your marriage.

You may be considering going with the people who have handled your and your spouse's money -- especially if it's an amicable divorce. That's almost never a good idea. Let's look at why that is.

Breaking up can be hard to do

Now that you're breaking up with your spouse, you need to break up with your financial professionals. If you barely knew them, that should be easy. If you know them socially as well as professionally or your kids go to school together, it can be a little more difficult. However, you have to do what's best for you.

Continue Reading ››

 Posted on February 22, 2021 in Divorce

If your partner spends more than you would like, divorce gives you a way to regain control of your finances. 39% of those in a recent survey said financial issues had played a role in the breakup of their marriage. There are often many valid financial reasons to consider divorce. It frees you from having to worry about what they spend. However, it can also bring additional costs you might not have considered.

Divorce can hurt your finances in the short term

The survey found that 43% of people left their marriage with at least $5,000 of debt. Many left with considerably more. Here are some things you should do:

• Divide your debts: You will need to split most debts incurred during the marriage. Your spouse may deny that debt was their doing, regardless of any informal arrangement you had that they would pay it back. This could leave you owing more than you hoped. You may be able to challenge certain debts.

Continue Reading ››

 Posted on February 07, 2021 in Divorce

Cellphones are a ubiquitous accessory for nearly everyone over the age of 11 or 12. They are so common that we typically don't give them much of a thought.

However, maybe we should: After all, the way your partner acts about and while on their cellphone could potentially be a sign of adultery.

How does your spouse interact with their cellphone?

Some people are naturally private, and there is nothing inherently wrong with maintaining cellphone privacy from one's spouse. After all, we are all entitled to have platonic relationships with our friends without approval or interference from a spouse. So, it is not necessarily a sign that your spouse might be cheating if they always lock their cellphone and keep the PIN private.

Something might be afoot, however, if your normally cellphone-transparent spouse starts behaving differently when they interact with their phone.

What behavior may be suspicious?

Not all scenarios may resonate with you. But below are some possible red flags that your spouse's cellphone use might point to an affair:

Continue Reading ››

 Posted on January 25, 2021 in Firm News

In theory, property division should be relatively straightforward. You determine a value for your marital property and figure out the most equitable way to divide your assets. Of course, in practice, things are much more complicated.

One of the issues you'll have to watch out for when dividing property is possible tax concerns. You don't want to see the value of your share plummet when the IRS comes calling. Here are a couple of areas where taxes could become an issue.

Stock options

You should avoid taking some items at their face value. Shares of stock are one such item. $5,000 in cash and $5,000 in stocks are not the same thing. If you intend to sell stock to meet your goals of an equitable division, you could be hit with a capital gains tax. It's important to subtract the expected tax penalty to reach a more accurate value of what you're giving up.

Retirement accounts

401(k)s, and other retirement accounts can account for a substantial portion of one's assets. Keep in mind, if you were married for 20 years, you would want to avoid simply withdrawing 10 years' worth of contributions from your account and handing the proceeds over to your ex. Withdrawing from a retirement account before you've retired will result in a significant tax hit. The penalty is even greater for those under the age of 60.

Continue Reading ››

 Posted on January 24, 2021 in Firm News

Custody arrangements often become the central point of contention in a divorce. You and your spouse may want very different terms. If you can't agree, the family law judge presiding over your case will have to consider many different factors when they set the terms for custody for your family.

Usually, the focus is on the child's best interests, which means sharing parental responsibilities. Does a child get to have a say in the custody decision?

There is no specific age at which a child can influence custody terms

A child's preferences can be one of the factors that a judge considers when setting the terms for a parenting plan during a Virginia divorce. However, a child's wishes only have a bearing on the matter if the judge determines that they are of sufficient age and maturity to make a sound decision.

Understanding the reasoning for the child's wishes can also influence how much weight a judge gives them in making their decision. If a child says they would like to spend more time with one parent because that parent has better video game systems, a judge will consider that less than statements that one parent largely ignores them or makes them feel bad about themselves. Children don't always have wishes that align with what is ultimately best for themselves.

Continue Reading ››

 Posted on January 22, 2021 in Firm News

Today, college is an essential criterion for almost any career. Regardless of your relationship with your ex-spouse, you want your children to have the best opportunities available. An important consideration during divorce proceedings, no matter the age of your children, is the question of who pays for their college.

Exploring the options for your divorce agreement

Virginia state law doesn't provide any obligations for parents to support a student past the age of 18. Depending on your child/children's age at the time of your divorce, there could be any number of life events that could occur to alter your financial state between now and when your child is set to enter college. If you want to include your child's college funding in a divorce agreement, you have a variety of options:

• Though the court can't force a parent to pay for a child's college expenses if they are over 18, they can enforce a written agreement that each parent consented to.

Continue Reading ››

 Posted on January 13, 2021 in Firm News

Sometimes, being there for your kids is hard. You might have a business trip or live far away. Even if you have physical custody every other week or every few days, the time between could seem like it lasts forever.

Having limited visitation time with your children may be a struggle, but the good news is that technology has created an excellent option for parents to gain more visitation time without needing to be physically present. With virtual visitation, you may be able to speak with your children, see them and interact with them all without leaving your home or job.

Who uses virtual visitation?

Many people use virtual visitation as a way to gain extra time with their children. Virtual visitation includes all kinds of interactions, such as:

• Phone calls
• Video calls
• Chatting online
• Text messaging
• Gaming together
• Using video conferencing software

With these options, you can spend more time interacting and speaking to your child, no matter what their age is or what they're doing. Some parents use video to watch school events. Others use it to help with homework. The benefit is that the child children remain in the custodial parent's home, but they still get at least a few minutes to talk to the other parent. This helps form stronger bonds and helps children see that their other parent is still thinking of them when they're apart.

Continue Reading ››

 Posted on December 28, 2020 in Firm News

A divorce can be jarring for anyone, no matter the stage at which one finds oneself in their life. It can be tough to deal with if you and your spouse have unequal pay or if your split happens later in life, especially if one of you is counting on retirement to support you in the future.

How common are divorces and pensions?

A Centers for Disease Control and Prevention (CDC) report published in 2002 captured how 20% of married couples divorced within five years of walking down the aisle. At least 33% of married couples split up within 10 years. Whereas 35% of employees had pensions in the 1990s, only 18% of working adults had them in 2002. It's unclear how much has changed in the past 18 years since the CDC compiled that data.

What right do I have to my spouse's pension?

One question that spouses often ask is what becomes of their pension once they divorce. Existing law views any earnings that you or your spouse make during the marriage as marital assets. While a judge presiding over your case may consider any funds deposited into an individual retirement account (IRA) and 401(k) before your marriage as separate property, they're likely to classify one set up during the union as a marital asset.

Continue Reading ››

 Posted on December 23, 2020 in Firm News

You might have been willing to overlook your spouse's narcissism during the early years of your relationship. Likely, you thought that you could help them become less self-absorbed. Or, you might have believed their drawbacks were a small price to pay for their charm. Yet, staying married to a narcissist is challenging, and you may have finally decided that you have had enough. Divorcing a narcissist, though, can be equally difficult. As you prepare for yours, you will want to keep the following tips in mind.

Plan for your spouse's reaction

Narcissists feel threatened when they lose sources to validate them. By telling your spouse you want a divorce, they will likely hit the roof. To prepare for this possibility, you will want to set a plan in place to protect yourself and cut off contact with them immediately as needed. If you can afford a new home or apartment, you may want to have one ready. If you and your spouse have children, you may want a friend or relative help you with custody exchanges. And if your spouse's narcissism is not only toxic, but dangerous, you may need to file a protective order against them.

Continue Reading ››

 Posted on September 18, 2020 in Child Custody

Once you decide to divorce, you realize that you now have full control over your future. You no longer have to consider your spouse when making decisions, such as those pertaining to your finances, career, hobbies and personal life in general.

Of course, this brings more responsibility to your life, as you don't have anyone else to lean on.

Do these things to ensure that you maintain control over your future:

• Create a budget: This gives you guidance in regards to how much you earn, how much you can afford to spend and how to set both short- and long-term goals.
• Form a support group: It's easy for your mental state to take a hit when dealing with the aftermath of divorce. Fortunately, when you have a support group to lean on, it's easier to get through any rough patches that come your way.
• Understand your parenting agreement: This is critical if you have children with your ex. It outlines things such as who has physical custody, who has legal custody, visitation rights for the noncustodial parent and how to manage special events. When you understand and follow your , you'll always feel that you have better control over this part of your life.

Continue Reading ››