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Considering finances during a divorce

Considering finances during a divorce

A divorce can be a difficult time for a former couple because of the complexity of separating the social and financial interests of both parties. However, when going through divorce proceedings, it may be beneficial for a Virginia resident to keep certain financial realities in mind.

For example, it may be important for a person to understand their need for liquid assets. If a person will need access to cash after the divorce has been finalized, it may be prudent for that individual to pursue more liquid assets in property division negations. Liquid assets are those that are more easily changed into cash, and these include things like stocks, bonds and certain retirement accounts. In contrast, if access to cash is not a concern, a person might consider seeking accounts that have high long-term benefits.

In many cases, retirement assets play a special role in a couples negotiations because they might represent a large portion of the marital estate. However, handling the division of such accounts might require professional help. For example, special procedures may need to be followed in order for a portion of an individual retirement account to be retitled to a former spouse without incurring unnecessary taxes.

Planning a financial foundation for life after a divorce is finalized can be very important, and in addition to property division, other factors, such as child and spousal support obligations, might affect both parties’ economic outlook. When involved in negotiations regarding these issues, it might be important for both parties to retain the services of independent attorneys who could represent their interests throughout proceedings.

Source: MarketWatch, “Divorce? The 6 worst money mistakes“, September 23, 2014