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Knowing resources can help reduce financial loss after divorce

One big question for couples getting divorced may be what the economic impact will be on each individual. Regardless of the time married, divorce will certainly affect current and future finances of all involved. Understanding that impact ahead of time and planning for the financial changes brought on by divorce can help Virginia couples lessen that impact and protect themselves after a split.

Many couples may only think of the expenses related to child support or alimony. However, expenses will likely mount outside the realm of those payments. For some families, expenses such as college tuition, braces and extra-curricular activities for the children can add up. Parents may be interested in learning more about certain software programs that can help track these expenses as this may minimize conflict and provide proof of payments if court intervention becomes necessary.

The fate of certain assets can also impact the financial future of each party. Again outside the realm of alimony and child support, retirement savings may be split and greatly impact plans for the future. Trusts and insurance policies are also assets that need to be considered when thinking about the big picture related to finances.

Compromise and full disclosure may be the best way for couples divorcing in Virginia to help each other adjust to the financial changes of a divorce, but that is not always a given. A couple may need to agree upon tracking systems and how to best split each and every financial account. Outside help from legal representatives and financial experts may be the best way to find a fair and equitable solution that works now and in the future if on-going support is part of the split.

Source: philly.com, "Investing in You: Financial help for the no-longer-married", Erin Arvedlund, May 31, 2015

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