The number of divorces involving older couples in Virginia and around the country has soared in recent years, and deciding how retirement plans should be divided is often a contentious issue in these cases. Many couples place the bulk of their retirement savings into either third-party sponsored or employer-provided 401(k) plans, but transferring assets out of these accounts as part of a property division settlement or order often requires a fee to be paid for what is called a qualified domestic relations order.
Virginia residents may have heard that Johnny Depp and Amber Heard finalized their divorce on Jan. 13. As part of the settlement, Depp will pay Heard $7 million, and the money will be donated to charity. Ms. Heard filed for divorce in May and got a restraining order against her former husband.
When two Virginia parents file for divorce, it can be very easy to allow emotions and self-concern to trump the needs of the children involved, especially if the divorce process becomes messy. However, there are ways parents can carve out an amicable relationship so that the kids can have a stable and meaningful relationship with both of them.
A large number of Virginians file for divorce in January each year. This is because many people do not want to file for divorce during the holidays. Others may experience financial and emotional conflicts during the holidays that trigger them to want to get divorced. No matter the reasons that people might have, they should think about divorcing from logical rather than emotional perspectives.
Discussing prenuptial agreements before marriage is no longer a taboo subject. In fact, the number of high-income young professionals in Arlington and D.C. metro who seek prenuptials is increasing. Are you a millennial who wants to ensure you protect your intellectual property? Have you written songs, created films, apps or software that you will take into your marriage? Will you continue producing intellectual property during your marriage? What happens to those assets in the event of a divorce?