Getting a divorce in Virginia will likely create a host of concerns, especially around finances and how the divorce will impact the future of both parties. Whether the couple is simply considering a divorce or is already moving forward with the process, it is wise to think about the financial aspects of a case and the mistakes that others have made.
A Fidelity Investments study says that after five years, most people who have gotten a divorce have moved beyond the financial and psychological issues accompanying it. However, it is important to understand how to be prepared for common challenges. Awareness of what others have faced can be useful. Notable regrets expressed by participants in the study were a lack of involvement in daily finances; 80% stated this was an issue. In addition, 40% of those who were regretful about this had not yet recovered financially.
Other failures were a lack of involvement in retirement investments and not being prepared for the future. More than 80% of both men and women said that they took part in everyday financial planning, but only 60% of women took part in long-term plans. People are advised to do the following long before they start the divorce process: Be involved in and understand the family finances, communicate with the other spouse about assets and debts, and consider a prenuptial or postnuptial agreement.
Divorce can be difficult in many ways, and finances often recede into the background. Forgetting how finances can impact the future is generally a mistake. Whether it is due to property division, spousal support requests, dividing assets, business ownership or any other financial aspect, it may be beneficial to have legal advice. A law firm with experience in family law and financial challenges may be able to help with a case.