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Making smart decisions during a divorce

| Mar 1, 2021 | Uncategorized

Finances are often one of the most contentious issues during a Virginia divorce. Two people who are separating their financial lives may find this process confusing and stressful, and this could lead to poor decisions. The key to making choices that will be positive and sustainable is to think long-term and remove temporary emotions from the equation. A short-term perspective could lead to complications and regret.

Things to remember

Even in an amicable divorce, the process of ending a marriage is stressful. When considering terms and negotiating a final financial settlement, the following may be helpful things to consider:

  • It is easier to make big purchases before filing.
  • Don’t allow emotions to be the motivation behind important money decisions.
  • Gather important financial documentation and evidence as soon as possible, even before filing.
  • Keep track of assets and get valuable assets appraised to ensure fair property division.
  • Consider resolving the divorce out of court as this can cost less and take less time.
  • Don’t forget about dividing marital debt when considering which assets to keep, which to sell and which to divide.

Whenever making a money or property-related decision in a divorce, it is important to consider the type of impact it will have both immediately and well into the future.

A strong future

The priority in any financial settlement is to secure terms that allow for a strong and stable financial future. A Virginia adult considering a divorce may find it beneficial to take the time to learn how to pursue the best possible outcome to property division. With guidance and preparation, it is possible to have post-divorce financial security.