Many Virginia residents who have gone through divorce have found it devastating emotionally and financially. It can be especially hard on a partner who has no regular income and has been otherwise financially dependent on a spouse. To provide financial support for these spouses as they begin again, state law has sanctioned the payment of spousal support by the spouse who can better afford it to the spouse who is economically challenged.
How can Virginia residents minimize their taxes after divorce?
In Virginia, divorce not only can mean an emotional shock to a spouse, but also affects his or her finances. One principal area that affects every divorced person is taxes, especially federal income taxes and how they are affected by child support, spousal support and property division. For this reason, sitting down with a tax professional who can show a taxpayer all of the options available to him or her can ultimately lessen the individual's tax burden.
What property rights are created by marriage and divorce?
The end of a marriage typically raises a variety of strong emotions, including sadness, bitterness, anger, resentment and depression. Marital dissolution also usually has financial implications for both spouses and any children involved, with issues such as spousal support, child support, and property division to be determined and then finalized in a divorce decree. As an equitable distribution state, Virginia requires that marital property and assets be fairly divided at the time of divorce.
Social media information complicates high-asset divorce cases
A considerable number of divorces turn out messy whether they are in Virginia or California. When the split involves substantial assets and property and both parties have differing opinions about their disposal, things can get rough, especially between people who are no longer the best of friends.
What to know about spousal support in Virginia
Many couples get divorced in Virginia every year. Divorce can have a big impact on each spouse's finances so it is important for people thinking about getting divorced to understand the financial implications of divorce.
