The dissolution of a marriage in Virginia can understandably be emotionally challenging. However, the divorce process can also be financially complicated due to its moving parts. One financial aspect of divorce that is often neglected is life insurance.
Divorce will bring financial changes to a person's life. No matter the financial health of a Virginia couple, both parties will face the need to make adjustments, especially when it comes to retirement. It may be necessary to adjust expectations and planned retirement dates, but it is possible to end a marriage still hold onto to dreams for the golden years.
When a Virginia couple decides to end their marriage, they will have to divide all marital assets between them. This includes assets accumulated while married, such as real estate and long-term savings. The divorce process can take a significant toll on retirement savings, which is why it is especially important for anyone who is nearing retirement age to think carefully about all decisions they make.
When Virginia parents go through a divorce, the youngest members of the family can suffer mental and emotional distress. When parents end a marriage, it can disrupt young lives and schedules, and it can be hard to transition to a new home and not seeing one parent part of the time. Thankfully, there are things parents can do to minimize the hurt and distress that the youngest members of the family are experiencing.
In the past, Virginia couples were more likely to get married and have children young, and most couples got married without any type of planning for a potential divorce in the future. Millennials have changed that perspective, with more of these couples opting to wait longer to get married, choosing instead to first cohabititate. They are also changing trends and the divorce process by being more likely to sign a prenuptial agreement before walking down the aisle.
The end of a marriage is a difficult decision, and sometimes, these challenging feelings can get in the way of trying to work together toward a settlement. In some cases, a Virginia divorce process is so contentious that children feel like they've been put in the middle of their parents' battles, which can lead to stress and confusion for the youngest members of the family. Experts say they have noticed it becoming more common for children and even adults to struggle with mental health issues because of this.
Divorce is a process that affects everything in an individual's life, from how much time he or she will be able to spend with a child to long-term savings. It's normal to worry about how the decision to get divorced will impact retirement and future financial stability. This is particularly true for Virginia couples who are older, nearing retirement age or who have been married for a few decades.
The goal for many people in Virginia is to plan for their future. For many, this includes contributing to accounts to help them plan for their retirement. For many couples, their retirement accounts are some of their most significant assets. Because their future financial plans often depend on these accounts, their fate during a divorce can have a significant impact on the rest of a person's life.
Television shows and movies would have viewers believe that the holidays are a magical time full of family happiness and hope for the future. But the reality is that the decorating, cooking and traveling that occur during the holiday period can create a great deal of stress on families in Virginia and across the country. In fact, some studies indicate that the number of divorce filings increase in January.
The decision to end a marriage is often one that is arrived at after a great deal of contemplation. While it may be a difficult choice, most couples who choose to do so come to the realization that it is in their best interests. Once the decision is made, they must then begin the divorce process, which includes the somewhat complicated step of determining how retirement accounts will be divided.