Couples in Virginia might be more likely to have a prenuptial agreement than in the past. A survey by the American Association of Matrimonial Lawyers found that almost two-thirds of attorneys reported a rise in prenuptial agreements. There are several reason that people might consider getting one.
When couples in Virginia get a divorce, it is more likely to have been initiated by the woman. Not only are women more likely to file for divorce than men are, but a 2017 study in the United Kingdom found that divorce was much higher among female same-sex couples than male couples. Overall, women appear to both expect more from marriage than men and gain less from it.
Married couples in Virginia who have decided to end their marriage after a long time will need to prepare for a process that might become more complex depending on the property shared by the couple and if they also share minor children.
Some Virginia residents may be surprised to learn that there is usually an increase in divorce filings in the month of January. Even searches on online platforms for things related to divorce, like "divorce party," increase during the month of January, especially the first half of the month.
When a person in Virginia decides to get a divorce, that person might want to consult a financial planner or even a certified divorce financial specialist. The latter individual has specialized training in the issues around divorce and money. This may be particularly helpful for individuals who do not know much about the family finances.
Working women in Virginia and around the country are often left financially vulnerable by divorce. A study conducted by the London School of Economics reveals that working wives see their incomes fall by an average of 20% following a divorce while husbands earn about 30% more after ending their marriages. This drop in income makes life especially difficult for divorced wives because women generally earn less than men to begin with.
Men in Virginia and throughout America are generally expected to be financial providers for their families. However, it is not uncommon to see wives make more than their husbands. Research suggests that this could be a problem in some relationships. One study found that a couple is 33% more likely to get a divorce when the wife makes more than the husband. While women have more leeway to determine what they would like to do with their lives, men are still expected to be financially stable.
Most Virginia residents are active on at least one social media platform, and the messages and photographs they share with their friends and followers are often quite candid. This kind of sharing has become so common that it is now considered a normal part of daily life, and it is also a source of evidence in about two-thirds of divorce cases. Scouring the social media accounts of divorcing spouses leads to the discovery of evidence worth presenting in court 81% of the time, and about a third of all divorces are initiated by spouses who discovered evidence of infidelity online.
Divorces in Virginia do not always involve selling the marital home. Sometimes, the splitting spouses agree that one should buy out the other's half of the house. The desire to keep children in a familiar environment often motivates this decision. For a home that has a mortgage, the person retaining sole ownership of the house needs to obtain a new mortgage without the ex-spouse's name on it. The newly single person will need to have sufficient income and credit history to gain approval of new financing.
The divorce process can create financial challenges for Virginia residents. As a person tries to rebuild their new life, they want to make sure that they get control of their finances as quickly as possible after the divorce. Being proactive is essential in order to put financial struggles to an end.