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Prioritizing financial security in a divorce

When couples in Virginia get a divorce, they need to prioritize their financial security. In order to do this, it is important to make a budget that anticipates the next few months of expenses. Then, couples should take a look at shared property and how it might be divided.

It is important to understand the value of assets. Some retirement accounts are taxed on distribution, and this can mean that they are not worth as much as they initially appear to be. There may be costs associated with other assets as well, such as the home. One strategy that some couples use is for the spouse who is in the higher tax bracket to take the assets that have fewer tax obligations. However, it is important that both spouses understand these tax implications. Parents may want to look to the long term and how they will deal with expenses that are not covered by child support, such as a college education.

People may also want to consider whether they need to put provisions in place in case of disability or death. For example, a life insurance policy may provide protection if a person is dependent upon child or spousal support payments from an ex-spouse. It may also be necessary to change estate planning documents, such as wills, powers of attorney and beneficiary designations.

It may be helpful for a person to consult an attorney when first considering a divorce to get a sense of what may happen financially. The attorney might be able to assist the person throughout the process whether that involves negotiating a divorce agreement for property division and child custody or going to court. While the former can be less costly and stressful, in some divorces, there is so much conflict that making an agreement outside of court is not possible.

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