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Considerations prior to divorce

On Behalf of | Dec 16, 2015 | Divorce

One of the biggest mistakes Virginia residents make when filing for divorce is failing to consider all of the potential financial implications that they might face. As the new year approaches, many people will rush to file for divorce in a bid to start their lives anew without thinking about the consequences.

For most people, choosing to file for divorce is more of an emotional decision rather than a well-thought out one. When people believes they want to take this step, it may be a good idea for them to consult with a financial planner so they can get a full picture of how it might affect them.

If they then choose to proceed, they should then gather all of their financial records. It is a good idea to review such things as retirement and investment accounts. They should also think about their life insurance policies to determine who they should name as their beneficiaries after the divorce. If they are in poor health, it might also be wise to decide who will be able to make important decisions for them in the event they become incapacitated.

Because a divorce will have a huge impact on both spouse’s lives, it should be a decision that is made after careful thought. People who are considering filing for divorce may want to meet with a family law attorney for advice. An attorney may be able to explain how property division works in Virginia to better help a client prepare. Legal counsel may also provide guidance regarding child custody and the potential for spousal support and assist in negotiating a settlement agreement that addresses these issues.