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A slower economy could impact divorcing couples

On Behalf of | Jul 30, 2022 | Uncategorized

Ending a marriage is a process that requires the extrication of two lives, including finances. The terms of a property division settlement have the potential to affect a Virginia spouse for the rest of his or her life, and it is crucial to secure a reasonable outcome that allows for stability and security long-term. A slower economy and future uncertainty can impact a couple that is trying to navigate the financial complexities associated with divorce. 

What can divorcing couples expect? 

Divorce is a financially complicated process. A spouse will have to adjust to living on a reduced income and the court-ordered division of marital assets, and it can be expensive to pay for expenses as a single individual. This may be even more difficult as the market is lower, inflation is higher and other economic uncertainties can stretch already reduced finances. 

Divorce in a recession is not easy. Housing is more expensive, and the value of assets may be lower. In light of these challenges, the terms of a divorce order should make sense of current circumstances, as well as one’s long-term interests. For some Virginia spouses, financial uncertainty is also a concern due to lingering complications related to COVID-19 employment loss, health issues and other factors.  

Think about the future 

Financial fears may cause one to make imprudent financial decisions during his or her divorce. A Virginia family law attorney can provide guidance to a spouse who wants to secure the best possible terms in a property division settlement. While the economy can affect one’s financial interests, it is still possible to seek a final order that allows for future stability and security.