The end of a marriage will bring significant financial impacts that will affect a Virginia adult for years to come. The consequences of a divorce can be significant in terms of finances and future security, but there are steps one can take now and in the immediate aftermath of divorce that will help preserve the opportunity for long-term prosperity and stability. After the property division process, rebuilding finances is crucial.
Practical rebuilding steps
Putting the pieces back together after a divorce is complex. Depending on the amount of marital property and debt a couple had, it can feel like one’s finances will never be the same. Some of the things that may be helpful when rebuilding include:
- Working with a financial professional
- Revamping the household budget
- Updating all accounts
- Bringing beneficiary designations up to date
- Creating an emergency fund
It is normal to feel overwhelmed, angry and sad during a divorce, and this can lead to poor decisions if one allows it to do so. Temporary feelings should never be the driving force behind choices that could affect a person’s long-term financial interests.
The best future
It may not seem like it in the midst of a complex and stressful legal process, but a strong financial future is possible after a divorce. In order to achieve this, it is critical to secure terms that are fair and sustainable. With time, preparation and patience, a divorce does not have to derail a Virginia spouse’s hopes and dreams for retirement and other aspects of his or her future.