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Financial considerations before and during a Virginia divorce

On Behalf of | Sep 8, 2020 | Divorce

There are many things that can cause a marriage to fail, and these issues often pop up in the divorce. The decision to end a marriage is usually a difficult one, but the process of divorce itself can be even more complicated.

Finances can impact marriage and divorce

Finances, often a source of discord in a marriage, can also become a problem during the split. Issues to consider include:

• Tax implications of financial decisions made during divorce
• The process of the division of property
• The cost of the divorce itself

Preparing for the future

Couples should prepare financially for the changes that divorce brings. This means making realistic budgets for life post-divorce. For both single- and two-income families, the end of the marriage means that the same amount of money will now be used to support two households instead of one. Planning financially for this involves making sacrifices and realizing that changes might need to be made to ensure each person can afford to pay necessities.

Joint accounts should not be forgotten

Joint accounts and debts can also become an issue. Couples who decide to end their marriage might address this even before the divorce process starts by dividing the accounts and having their spouse’s name removed from certain accounts. This is especially important when it comes to joint debt that gets assigned to one spouse during the divorce settlement. If the other spouse’s name remains on a loan, then that spouse remains responsible for payment even after the separation is finalized by a judge.

In the end, attempting to have a divorce where communication is clear, honest and respectful may benefit both spouses as they prepare for their future separate lives. Each spouse may speak with a lawyer to advise them about the state legislation and the process and support them through the divorce.

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