Some people who are getting a divorce may have student loan debt. If this debt was acquired prior to marriage, it is generally considered to be individual property. However, if it was acquired after marriage, the other spouse may be considered to have responsibility for a portion of it since Virginia is an equitable distribution state.
Divorce can significantly impact business owners
Even under the best of circumstances when both parties agree that divorce is the correct path in moving forward, there are difficult decisions to be made. Child custody and child support certainly involve deep emotions and require long-range planning, but property division, asset division and determining how the two households will now earn sufficient income can also create dilemmas for many Virginia couples. These financial concerns are often magnified when a small business has been the source of income for one or both parties during the marriage.
