The decisions one makes during the divorce process have the potential to impact a Virginia spouse for years to come. He or she would be wise to carefully consider each money and property-related decision, taking care to avoid the simple mistakes that could derail his or her post-divorce financial future. With smart decisions and a focus on protecting one’s best interests long-term, it will be possible to have stability and security in the future.
Mistakes to avoid
It is easy to allow temporary emotions to drive the decision-making process during a divorce. However, it is prudent to set aside feelings and focus on what is practical and best. Common financial mistakes people make during the divorce process include:
- Failing to remember to change existing beneficiary designations on accounts
- Keeping the family home when it is not financially prudent to do so
- Overlooking the need for new health care insurance options
- Not considering the potential tax implications of decisions
- Failing to consider terms related to paying for children’s future educational expenses
- Having issues with the division of retirement accounts
These mistakes and others can have a long-term effect. A carefully considered and thoughtful property division order is critical to one’s future interests after a divorce is final.
Don’t navigate it alone
When going through a divorce, one’s post-divorce financial future is on the line. It is prudent to work with an experienced attorney to pursue terms that are practical and sustainable. With guidance and a focus on long-term security, a Virginia spouse can avoid mistakes and fight for a strong future.