Recent changes to the tax code created potentially devastating tax consequences if a high asset divorce is not handled properly. Where large, valuable assets are concerned, the Republican tax overhaul that took place this year made some significant changes. So much so that attorneys and financial advisors are now recommending that personal accountants become a strategic part of the divorce process.
No matter what level of income a Virginia resident earns, divorce proceedings may be complicated by many different financial and legal hurdles. It is important to understand family law options in order to make smart decisions about options for the future. These decisions may include how to address a former spouse, if at all, in testamentary documents.
Weddings are often joyous occasions where individuals come together with their families to celebrate their love for new partners. Weddings are also major undertakings that require a lot of advanced planning, careful consideration, and work. When planning weddings and preparing for their futures with their partners, Virginia residents can also take on another important planning responsibility that may save them time and stress down the road: planning for their divorces.
Many individuals in Virginia develop their entrepreneurial spirits by starting or opening their own businesses. While business ownership can be risky and can cause some to experience fear over their futures, some find comfort in going into business with loved ones like spouses. While business ownership with a spouse can be fulfilling, it can also become messy if the partners choose to divorce and divide their entity.
One of the most important aspects of a divorce is the division and settlement of the former partners' property. Over time, married couples can accumulate many items of personal property, various real estate holdings, significant investments, and even large amounts of money. Should they choose to end their marriage, they may have concerns about who will get what and how much each party will have when their marriage ends.
Amazon has become a household name and most people in Virginia have either ordered something from the online retail giant at some point in time or at least know someone who has. Therefore, they may be interested to hear of the outcome of the divorce of Amazon CEO, Jeff Bezos and what it means for the future of Amazon.
Virginia residents may be fans of the country music band, the Dixie Chicks and the band's lead singer, Natalie Maines. In 2017 Maines filed for divorce from her husband on grounds of irreconcilable differences. The couple have two teenage sons. Maines' husband is requesting over $16,000 per month in child support and over $44,000 per month in spousal support from Maines. He is also requesting that Maines be responsible for the $350,000 he has spent in attorney fees.
Many people in Virginia understand that it is important to plan financially for their future, so they contribute a certain percentage of each paycheck to a retirement account. Some people are even lucky enough to have pensions, and many also count on receiving Social Security benefits to help fund their retirement. However, what happens to one's retirement assets in the event of a divorce? With so much money at stake, especially in a high-asset divorce, it is important that both parties to a divorce walk away with a fair portion of their retirement funds.
When a high-profile couple decides to divorce, their personal life can be placed in the limelight. For example, people in Virginia may be interested to hear that the founder and CEO of Amazon has announced he and his wife are ending their marriage. Touted as the world's richest person, Jeff Bezos and his wife had been married for 25 years. The couple undertook a trial separation before making the ultimate decision to divorce.
Property division, especially in a high-asset divorce, can be a tricky issue. It is often not as simple as just dividing everything in half. Virginia is an "equitable distribution" state, meaning asset division will be handled in a manner that is fair, even if it does not result in an exact 50/50 split. When couples have highly valuable assets, such as a home, investments, a business or more, it is important that each spouse's interests are protected if they divorce.