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Financial planning during a divorce

On Behalf of | Dec 16, 2019 | Divorce |

When a person in Virginia decides to get a divorce, that person might want to consult a financial planner or even a certified divorce financial specialist. The latter individual has specialized training in the issues around divorce and money. This may be particularly helpful for individuals who do not know much about the family finances.

People should list their assets and gather as much documentation about them as possible. This includes bank statements, property titles and tax returns. With this information, people can begin to determine what property they may keep from the marriage. It is also important to create a budget for after the divorce. This may include paying or receiving child and spousal support. Individuals who have health insurance through a spouse may need to find new insurance. People might also need to find a new place to live and calculate what it will cost. Frugality is a good rule during a divorce since the process could be costly.

When the divorce is over, people will also need to make adjustments to their retirement planning and their estate planning. People may want to think about how they will rebuild a retirement account that was divided in the divorce. They should review and change their estate plan as necessary, including beneficiary designations.

Asset division can be a stressful part of getting a divorce along with reaching an agreement on child custody and support. These can be emotional conversations, but for some couples, negotiating with the assistance of their attorneys may be a better solution than going to court. It leaves them in more control of the outcome, and when it comes to the custody agreement, they may tailor a plan that best suits them and their children. If they do go to litigation, a judge will make a plan for custody, support and equitable division of property.