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Avoid making financial errors during your divorce

On Behalf of | Feb 16, 2022 | Family Law

The intense feelings that come with the end of your marriage can overwhelm you. However, you should not let these emotions push you into making unwise decisions when it comes to money. As a resident of Virginia, you should learn about state legislation regarding divorce and prepare to make financial decisions that will help you in your life afterwards.

Carefully consider your choices for resolving divorce issues

While it might be tempting to push for a drawn-out court case if you feel betrayed by your estranged spouse, this path might be the least beneficial to you. A legal court battle can extend the divorce process for months or even years. It is also more expensive than other options. If you can put your emotions aside to work with your spouse towards an agreement, you can choose an alternative dispute resolution option, such as mediation or collaborative law. These processes provide a variety of benefits including:

  • More control for the spouses over their divorce process
  • Faster resolution to the divorce
  • Less expensive divorce
  • Discreet situation, since all your information is not shared in the courtroom

Take your time to learn about your finances and plan your settlement negotiations

It might be tempting to rush through the divorce process, however, you need to take your time to truly understand your financial situation. Some of the things to be aware of as you prepare include:

  • The total number and types of assets you and your spouse collected during the marriage
  • The real value of assets, including tax implications which can affect this
  • The total amount of debt and how it might be fairly distributed between the two of you
  • The types of retirement accounts and how they can be divided

Making sound decisions during the divorce process will protect your interests later when you are single again. Reflect on each step to make sure you are making the best decision for your future.