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How to know if a payment is alimony

Virginia residents and others who receive alimony are often required to count it as income. Those who make such payments are generally able to take a tax deduction. Of course, a payment actually has to qualify as alimony before a person can claim that the payments are tax deductible. To qualify as alimony, a payment has to be part of the divorce decree or a similar arrangement.

Finding a divorce team

Divorce is understandably challenging for many people. However, some spouses have a harder time ending a marriage than others. There are several factors that could make a divorce less or more difficult, but there are some aspects of divorce that a person can control in order to make the process more bearable. Virginia residents may need to take special consideration when building a support team after a divorce.

How a business might be handled in divorce

Entrepreneurs in Virginia who are getting a divorce might have some additional complications. A person might own the business or be co-owner with a spouse. Before going through the asset division process, the owner(s) should get an accurate valuation of the enterprise. If one spouse owns the company, the other may have a claim on a part of the business or its value. If both spouses are owners, one may want to buy out the other.

Steps in filing for divorce

Some people in Virginia who are considering divorce may wonder what the actual steps are to filing. While every divorce is different, there are a few common denominators to all of them.

Predicting divorce

There is no way to say for sure whether a married couple in Virginia or elsewhere will get a divorce. However, there are certain factors that can indicate that it may be likely.

Signs a divorce may be the best option

In some cases, it may be best for Virginia residents to get divorced as opposed to staying in the marriages. Although a divorce may mean that a relationship ended, it doesn't necessarily mean that the relationship failed. Instead, it means that the nature of the relationship has evolved into something else and that the love a couple shared in the past should still be remembered fondly.

Factors that increase the likelihood of divorce

Some Virginia spouses may wonder what makes a couple more vulnerable to divorce. Data from various sources provides some answers. For instance, physically attractive couples are often more likely to get a divorce. Higher divorce rates are also linked to higher wedding costs. Couples who spent more than $20,000 had the highest divorce rate while those who spend less than $1,000 had the lowest.

Signs that it's time for a divorce

An outsider may be able to tell a Virginia couple when it is time to quit their marriage. However, it could be more difficult for someone who is actually in a toxic relationship to know when to call it quits. Individuals who are considering a divorce may want to pay attention to some specific signs.

More men's wages than women's garnished for child support

Some Virginia parents may be among the 7 percent of workers nationwide who have their wages garnished. A study by the ADP Research Institute that examined 2016 pay data for 12 million workers found that far more men than women had their wages garnished. Almost all of those garnishments were for child support while women tended to have wages garnished for other reasons such as taxes or student loans.

Older adults and divorce

Older adults in Virginia and throughout the country are about twice as likely to get a divorce as people their age were in the 1990s. Along with this higher divorce rate for older adults comes the complications of having their assets cut in half just as they are nearing retirement age. Many older adults may also have limited employment opportunities. Therefore, divorce can present a number of challenges for this demographic.

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