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divorce Archives

Tax law changes could impel faster divorces

In December 2017, the U.S. Congress passed a new tax law that made sweeping changes. As a result, a number of couples in Virginia and across the United States may be hastening their divorce plans before some significant modifications go into effect. Each year in the United States, approximately 800,000 couples finalize their divorces. This number could rise in 2018 as couples seek to avoid a provision in the tax law that will affect the way that alimony and spousal support are taxed.

Tax return changes can accompany divorce

Financial considerations are often major considerations for people in Virginia who are headed toward divorce. The end of a marriage has severe financial implications for most divorcing spouses in addition to the emotional and other practical concerns that accompany a split. One financial aspect of divorce that is not always recognized is the changes that are necessary to deal with tax filings following a divorce.

Dangerous myths about marriage

Some couples in Virginia might believe what could be damaging myths about marriage. For example, they might think there is a right and a wrong way to fight and that their way of fighting means their marriage is in trouble.

Post-divorce financial planning

Virginia couples who get a divorce should have a financial plan to ensure that it does not adversely impact their financial future. Each party's financial goals after a divorce may be drastically different from those they had during their marriage. When making financial decisions, emotions should be set aside and objectivity should be the focus. There are multiple financial planning strategies that can be used to make the best decisions after a marriage comes to an end.

Preparation before filing for divorce

Many people in Virginia and elsewhere around the country choose to get divorced after the holidays. The number of divorce filings surges in January of each year. People that are planning to get divorced should do several things in order to properly prepare.

Why people choose to end their relationships

A couple in Virginia or elsewhere in the United States could get divorced for any number of reasons. However, there are seven common scenarios that result in the end of a marriage. One of the most common reasons is substance abuse, and this may mean that a person has problems with either drugs or alcohol that lead to a divorce. A lack of commitment may also make it difficult for a relationship to succeed.

Divorce and Social Security

When couples in Virginia divorce, finances are often a matter of contention. This may be particularly true when it comes to dividing retirement assets, such as IRAs, 401(k)s and pension plans. In some cases, divorcing spouses who are concerned about retirement income overlook one important benefit: Social Security.

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.

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