Posted on June 23, 2020 in Family Law

There are several different ways for divorcing couples to approach dividing a family business during divorce. Dividing a family business during a divorce can be difficult financially and emotionally which is why divorcing couples who have built a business together and share a business should be familiar with the different options available to them.

There are different ways of looking at property division during the divorce process and different methods of addressing dividing a family business. The best option depends on the goals of the couple and their wishes for the business moving forward. Options for dividing a business during divorce include:

• Both spouses keep the business - this option is probably the least common because it will require the divorcing couple to continue to work together. If the divorcing couple decides to keep the business, they will have to work out who will manage it and a work schedule if they intend to continue working together going forward.

Continue Reading ››

 Posted on June 19, 2020 in Divorce

You've tried everything you can to make your marriage work, but no matter how hard you try you run into one challenge after the next.

At this point, you have a couple of options. You can remain in your marriage and hope for the best, or ask your spouse for a divorce so that you can start fresh.

If you , you'll be relieved that you can finally remove yourself from your hopeless marriage. Conversely, you may have concerns about what the divorce process will bring as it relates to your finances, children and other key matters in your life.

There are two things you can do to set yourself up for success:

• Ask for a divorce in the appropriate manner
• Prepare for anything and everything that could come your way

Asking for a divorce is the first step in leaving your marriage in the past. This can be a difficult enough conversation without making mistakes, so you should have a clear idea of what you're trying to accomplish. Here are some tips you can use:

Continue Reading ››

 Posted on June 10, 2020 in Divorce

There's a lot at stake in a divorce. While you might struggle with the emotional aspect of untangling your life from your spouse, you also face the very real possibility of redefining your relationship with your children and reshaping your financial standing. These prospects can be overwhelming, but you shouldn't let that paralyze you into inaction. Instead, you and your attorney need to be diligent about assessing what you want for the future, gathering evidence, and then developing legal arguments that position you well for settlement negotiations.

Following this process may be especially valuable when it comes to addressing the family home. Oftentimes there is a lot of sentimental value tied up in the residence, but you need to carefully consider whether fighting for it is truly in your best interest. Here are some of your options:

• Sell the home to your spouse: Whether you're accepting cash or other marital assets in exchange for the house, this option can provide you with a financial boost as you move forward into the next chapter of your life. Just make sure you're clear on the value of all assets in play here so that you're not being taken advantage of.

Continue Reading ››

 Posted on May 13, 2020 in Divorce

Divorce presents spouses with many challenges. From the emotional toll to the need to itemize every asset owned, spouses can feel stress, anxiety and considerable worry. The last thing on the mind of many divorcing couples are taxes, but this would be in error.

When a couple divorces, their tax status changes in several ways. These issues can sneak up on recently divorced individuals when tax season finally comes around. Understanding how to navigate these unfamiliar qualifications can help spouses not overpay their taxes.

Changes to tax status

One of the most significant changes ex-spouses will have on their tax returns is filing as 'single.' Those divorced by the last day of the calendar year must file as single or head of household. Individuals can use these statuses if they have a legally binding separation agreement or if the couple lived apart for the last six months of the taxable year. Those still married on December 31 must file as 'married filing jointly' or 'married filing separately.' Though filing separately may limit tax benefits, the Internal Revenue Service (IRS) recommends it for couples who have problems with trust. Generally, those filing jointly or as head of household will receive greater benefits.

Continue Reading ››

 Posted on May 12, 2020 in Child Custody

Divorce is always an emotionally draining time for the couple, but it takes a very particular toll on the children. Both parents have to be on the same page as to how they are to help their child navigate this rather tumultuous time. It is important for parents to enforce a positive attitude towards the divorce by putting their differences aside and looking out for the child's best interest.

What does a child want?

Ideally, they would like for their parents to stay together and fix whatever issues they may have. Unfortunately, that is something that is out of their control. However, it is vital for parents to know that their children have a series of wants that should be met to help the child navigate the divorce process.

For one, every child wants both of his or her parents to be present in their lives. Parents must stay involved and make sure that they are doing well during this very difficult time. It is also important for parents to stop arguing, especially in front of the child and even more so when it's about the child's future. This only adds to the child's tension. Eventually, the child wants to spend equal time with both parents and wants to have direct communication with them and know exactly what will happen to him or her. It is also vital that both parents never speak poorly of each other in front of their child. Always be respectful towards one another and reinforce to the child that both parents love him or her very much.

Continue Reading ››

 Posted on May 12, 2020 in Family Law

One of the most complicated parts of getting divorced will involve finding a fair way to split your possessions and debts with your ex. It is common for people to want more of the marital estate as a way to punish their spouse or to want to defend certain assets that they acquired, especially if they were the breadwinner for the family or have an emotional attachment to specific assets.

If you inherited assets, whether you received real estate or financial accounts, you might wonder if the law in Virginia will require you to split that inheritance with your spouse during a divorce. To understand if your spouse has a claim to the inheritance, you should first familiarize yourself with how Virginia divides your property in a divorce.

The Virginia family courts want to split your marital assets equitably

The judge presiding over a divorce in Virginia will look at many different factors from the marriage when trying to figure out how to split up assets fairly. Virginia's equitable distribution standard means that fairness, not a 50/50 split, is the goal of this process.

Continue Reading ››

 Posted on April 30, 2020 in Divorce

Planning for the wellbeing of children during a divorce can be a messy process. Children are not assets, so negotiations on their care often take place outside other deliberations. Parents and their attorneys can resolve these issues with a comprehensive parenting agreement.

Sometimes called a co-parenting plan, a parenting agreement is a written document that outlines the care for children post-divorce. These agreements are an essential part of divorce proceedings and ensure stability in a child's life.

What does an agreement include?

Not all parenting agreements will be the same. The needs of families differ significantly, so parents need to develop a plan that addresses the wellbeing of the children while also setting realistic expectations for themselves. Many agreements outline the following:

• Physical custody. The concept of physical custody defines with which parent the child will live and accounts for the child custody laws of the state.

Continue Reading ››

 Posted on April 27, 2020 in Divorce

As a business owner facing divorce, you may wonder if your spouse will receive ownership or income from your company as part of their settlement. Whether your split is civil or acrimonious, this prospect is unsettling. If you're concerned about protecting your business during divorce, keep these tips in mind.

Ensure your business is separate property

You and your spouse may have drafted a prenuptial agreement before your marriage. In it, you may have declared your business as separate property. By doing so, you will have saved yourself from both an expensive and stressful valuation and from parting with your enterprise's assets. Or, you may have decided that only the profits your business earned after your marriage count as joint property. This arrangement still protects any assets you held before your marriage, so long as you did not commingle them with your spouse. Yet, you and your spouse might not have drafted an agreement. Or, you may have started your business after your marriage. In these cases, you will likely pay your spouse a share of your company's value or appreciation, even if they do not receive income from it after you two divorce.

Continue Reading ››

 Posted on April 21, 2020 in Divorce

Divorce is often difficult for children. Kids during a divorce may feel confused or guilty, and witnessing their parents argue may scare them. Many parents likely want to shield their children from this hostility.

So, how can parents equip themselves to face the challenges of responsible parenting during this emotionally volatile time?

5 guidelines that put children at the forefront

1. Do not use the children. Children should not play any significant role in divorce proceedings. Parents need to keep their children informed of expected changes, but little else. Drawing the children into fights or using them as a go-between for parents who are unable to communicate may damage a child's relationship or cause lasting harm.
2. Do not make children choose. Asking children to make choices between parents, even in minor circumstances like choosing a parent to sit next to, may inflame conflict and put an undue amount of pressure on a child. Parents can still encourage children to voice their feelings or thoughts, though. In fact, a child's testimony may be vital in a custody battle. Keep in mind that encouragement is different than pressure.

   Continue Reading ››

 Posted on April 09, 2020 in Family Law

Every divorce is different. But all divorces have the potential to bring significant change to family dynamics. Especially if you have children, how you adjust to life after divorce can greatly impact short- and long-term personal matters. You may find that your relationship with your child is not what it used to be, or that you do not find as much joy in your hobbies and passions.

Many interpersonal and underlying complications can arise following the end of a marriage. The stress of divorce may even lead to self-loathing and, according to the American Psychological Association (APA), those who put in the effort to be kinder to themselves have a better chance of managing everyday difficulties that result from divorce.

Another measure you can take, even if it seems like the last thing you want to do, is to try to cooperate and communicate with your ex-spouse. You can prepare for such cooperation by creating a list of talking points to use as a guide when you speak with them; this can make for an easier means of processing what needs to be done.

Continue Reading ››