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Financial planning for an impending divorce

When a marriage is stable, couples usually feel that their financial life is also completely joined. This often results in blurred lines when it comes to making financial decisions and sharing financial information. However, as some Virginia couples know, when a divorce is a possibility the financial aspects of the relationship can become very complicated.

Experts suggest beginning the financial planning process even before mentioning the divorce to the other spouse or moving out. The first step that is recommended is for the spouse to find a lawyer to help proceed in a legally correct way. In the same manner, the person should also speak to a financial planner about how to proceed financially. Once that is established, there are certain things the financial planner and the spouse should do as they begin the divorce process.

One of the first things that need to be done is to create an honest list of assets and debts owned by the spouse and by the couple. If all of the accounts the person has are joint accounts, this is the moment to set up an individual account, which can be used to cover the day-to-day expenses that will come up. The planner and the client should also make a plan for the financial future, estimating what child and spousal support will be paid and for how long. Planning for the future can prevent harder times in the years after the divorce as each person will go into their new life more financially prepared.

While some people might consider or opt to represent themselves in a divorce, a lawyer and financial planner might provide strong guidance through the process. A lawyer can assist in negotiating a overall settlement agreement that can be submitted to the court for its approval.

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