The phenomenon known as "gray divorce" has grown increasingly common. The term refers to couples aged 50 and older choosing to end their marriages. Several factors contribute to this trend, including longer life expectancies, shifting societal norms and a desire for...
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Divorce
Third-party and jurisdiction issues affect high-asset divorce
When you’re headed to a Virginia court to finalize a settlement after determining that you want to move on in life without your spouse, you must be prepared to resolve property and debt issues. The court will equitably split any money, land or other assets you...
Postnuptial agreements can shield against high-asset divorce
No couple in Virginia marries with the intent of separating. However, as the years go by, spouses may grow apart, and divorce sometimes becomes inevitable. For spouses in high-asset marriages, a divorce can be incredibly complex. However, a postnuptial agreement is one way spouses can protect themselves should a divorce happen. But what is a postnuptial agreement and how does…
What to do when a spouse is hiding assets in a divorce
Ending a marriage in Virginia can get complicated quickly. One of the toughest parts of divorce is dividing marital assets and debts between spouses, especially in a high-asset divorce. In high-net-worth marriages, it is not uncommon for a spouse to try and hide assets to avoid property division. Hiding assets in a divorce is illegal and often creates a lot…
Getting through a divorce with minimal financial damage
A marital breakup is an experience many Virginia residents would describe as emotionally challenging. Unfortunately, divorce is notorious for being a significant financial challenge as well. Here are some key financial strategies that could help to reduce the cost of divorce. Separate finances One of the most important things to do for those facing divorce is to separate finances and…
Who determines asset valuation in a divorce?
You may never have imagined that you and your spouse would one day leave the Virginia home you love to go your separate ways. Trouble may have brewed in your marriage for some time, or a specific cataclysmic event may have recently occurred. Either way, filing for a divorce means that you will have divide your marital assets and liabilities.…
Mediation can offer many benefits for a high-asset divorce
The dissolution of a marriage does not have to be filled with conflict and contention. There are other options that can help to bring an amicable divorce resolution. Without a doubt, a high-asset divorce can be complex due to the number of assets and property that must be divided. For many spouses in Virginia who go through a high-asset divorce,…
How common is gray divorce in Virginia?
In Richmond, Virginia, and surrounding regions, many older married couples are deciding to go their separate ways. This is a trend that is also noticeable throughout the country. A gray divorce refers to spouses age 55 and older who determine that they would rather start over in life without their partners than stay in an unhappy relationship. Since the 1990s,…
Basic facts about Virginia alimony guidelines
If a Virginia married couple files for divorce, especially if they have children, it typically sets off a chain of events that includes a decision-making process for both spouses. Even if two spouses kept certain funds in separately owned bank accounts during their marriage, they are still, by law, financially responsible for each other as long as the marriage lasts.…
Proactive finances during a divorce
A divorce can be tumultuous. When the dust clears many are shocked to find that their spouses are living well while they themselves are struggling financially. To avoid this, it is important to understand the laws related to divorce in Virginia and to know how to avoid the most common mistakes that cause hardships after a breakup. Getting it all…