Financial prudence during a complex divorce

On Behalf of | Jul 31, 2021 | Divorce

Even for Virginia couples resolved to remain amicable, ending a marriage is an emotionally and financially complex process. While adjustments to expectations for the future and lifestyle may be necessary, it is possible to secure a financial settlement that allows one to look forward with confidence. The key to this is smart money management both during the divorce process and after it’s final.

Smart and practical choices are key

A critical component to a strong financial future after a divorce is making choices motivated by what will be best long-term instead of temporary emotions. Feelings are not good indicators of what will truly make the most sense in the future. Smart choices and practical steps for one going through a divorce include:

  • Become familiar with all aspects of one’s financial life, including accounts, retirement funds and more.
  • Close or freeze joint accounts, and open individual accounts to minimize the chance of complications.
  • Formulate a plan for how to divide marital property, begin assigning value to certain types of property and make a list of what is separate property.

These few examples can help one make decisions that will allow for stability well into the future after the divorce is final. The goal of any money or asset-related decisions during the property division process is long-term security.

Benefits of professional guidance

A legal professional can be an invaluable ally during a divorce. He or she can help one make practical and prudent choices at every step. When it comes to a strong financial future, a Virginia spouse can start by removing feelings from the equation and relying on the guidance of an attorney who has his or her long-term interests in mind.