Distributing assets, estate planning important steps in divorce


During a divorce proceeding, people’s checklists typically include trying to get the marital home, the marital car or other valuable property. In addition to focusing on distributing assets, the parties also might be consumed with alimony and/or child support issues. However, they would benefit from taking a couple of other steps to make sure that their future is as secure as possible following the divorce in Virginia.

One of these steps includes revisiting one’s estate plan. It is imperative that a person takes into consideration how a divorce property settlement will affect an existing plan prior to moving forward with that settlement. Then, after the settlement has been reached, it’s wise to immediately revise one’s estate plan to reflect the changes.

Another step that will help a person to brace for single life financially after getting a divorce is to create a personal budget that will work with his or her income. It may be necessary to adjust one’s personal spending habits during the transition to living on one’s own. If a person owns a business, the divorce might impact the cash flow of the business, and this must also be considered.

People who are experiencing a divorce may view it as a harrowing process that drains them emotionally and even financially. They might fear being cheated by a soon-to-be ex-spouse when working on distributing assets and wonder how they can protect themselves at the negotiation table or in a Virginia divorce court. It makes sense to seek assistance in gaining an understanding of the applicable laws so as to ensure that any property settlement reached or asset distribution achieved works in one’s favor long-term.

Source: dentistryiq.com, "Important considerations for the couple going through a divorce: Part 2", Theodore C. Schumann, May 18, 2014

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