Personal injury awards and divorce

We wanted to share some highlights from our presentation at the Virginia Trial Lawyers Association's annual convention regarding how personal injury awards may be treated in a divorce case.  When a married couple separates, the law requires that marital assets be divided in some fashion.  Understanding how personal injury awards are classified as marital, separate or a little of both is important; and your injury attorney needs to understand the classification structure as well.   The entire award is not separate; at the same time, the entire award is not marital.  Because lost wages and unreimbursed medical expenses are classified differently than other components of an award, it is critical to have the right documents and the proper evidence and support to have an award treated appropriately in a divorce case.  Having your personal injury attorney working in conjunction with your divorce attorney is a good first step.

Why you should be wary of drafting your own agreement

The Internet is a wealth of resources.   Nowadays, with a simple search, you can pull up any number of forms or easy opportunities to write your own agreement.  So, if you and your spouse agree on everything, why bother with talking to an attorney?  First, you may be unaware of nuances in the law that should or should not be included in an agreement ( see our blog from March 21).  Second, the easy form you may decide to use may not be based on Virginia law and each state is different.  Again, we appreciate folks who can worth with their spouse in the event of a separation, but in the urge to be cooperative, be sure you understand your rights and Virginia law.

Why you still need legal advice for an uncontested divorce

"We agree on everything; we just need you to draw up an agreement; I don't need to meet with anyone."  It's a comment we hear often.  While we appreciate parties who can work together to reach terms of their separation and divorce, custody, support, equitable distribution, having an attorney explain things to you before signing any agreement is smart.  Agreements are binding in most circumstances.  Too often we see folks who unintentionally ended up with permanent, unmodifiable spousal support because of assumptions they made.  Or, people don't understand the distinctions of mortgage arrangements such as assumptions versus refinances.  An agreement is the document that sets out your future obligations.  Know what you are taking on by talking to an attorney first.  (As one lawyer in our office likes to point out, you wouldn't perform heart surgery on yourself; don't act as a lawyer for yourself either).

Tax time and divorce

Each year we like to use this season to call attention to tax issues that may impact individuals going through a divorce.  This article from the Wall Street Journal seemed timely.  http://online.wsj.com/article/SB10001424127887323926104578276183059889820.html

Budgeting based on your income and necessary expenses as well as discretionary expenses that fit within that income is an essential skill to learn and maintain.  It is important before a marriage, during a marriage and after a marriage. http://www.usatoday.com/story/money/personalfinance/lifestages/2012/10/08/financial-tips-divorce/1584063/

Remarriage has important financial considerations

Financial issues tend to create marital discord in marriages whether it is a first marriage or a remarriage.  Being prepared about the particular financial issues that are common in a second marriage or other remarriage is important prenuptial work.  We share this article as one approach to addressing these potentially tough topics.
http://www.usatoday.com/story/money/personalfinance/2013/01/12/money-quick-tips-getting-remarried/1827733/

A different approach to prenuptial financial planning

In the past, we have talked about couples who may want to consider prenuptial agreements to protect themselves and their financial well-being.  This article from Forbes offers another option for consideration.  http://www.forbes.com/sites/jefflanders/2012/07/18/can-a-trust-protect-my-assets-in-divorce/

Financial tips for divorcing couples

If you follow our blog, then you know we have been repeating the need to consider the financial parts of a divorce.  It is an emotional time, but as this article points out thinking financially cannot be forgotten.http://www.forbes.com/sites/jefflanders/2012/12/18/five-best-financial-tips-for-women-divorcing-in-2013/

Being aware of retirement issues in divorce

You can tell based on the number of articles that we have recently shared, retirement assets are an essential consideration when separating or divorcing.  Here is another article for our readers.http://www.usatoday.com/story/money/columnist/brooks/2013/02/25/boomer-divorce-retirement-pension-401k/1936317/

More in our series on retirement assets in divorce

Whether you are separating or divorcing in your 30s, 40s, 50s, or 60s, retirement assets are an important part of the marital estate.  http://money.cnn.com/2013/02/18/retirement/divorce-spouse-finances.moneymag/index.html

How divorce can impact retirement

Here's a good story that we thought we would share.http://www.huffingtonpost.com/2013/02/28/gray-divorce-affecting-retirement-planning_n_2781812.htm

Financial planning during a separation

If you and your spouse are considering a separation, maybe to just give you time apart to work on the marriage or maybe to give you space to decide what is next, understanding the financial impact is important.  This article from the Wall Street Journal is worth a read.
http://online.wsj.com/article/SB10001424127887323829504578270052212529548.html?KEYWORDS=divorce