Divorce can be traumatizing, both emotionally and financially. If asset or property divisionaren't handled properly during the divorce proceeding, this may make it even harder for a person to remain financially secure in today's volatile economy. However, a few steps can enable a person in Virginia to maintain a healthy financial lifestyle even after breaking up with a spouse and embarking on the road to independent living.
The divorce rate is particularly increasing for people who are older than 50 years, who are nearing retirement. In order to protect themselves financially, people who are planning to get divorced may elect to engage in financial planning. Becoming knowledgeable about how to handle one's finances and save money appropriately is possible through tax and investment courses for adults.
In addition, seminars on estate planning and retirement planning may be of help for people of all ages but especially for those who are seniors. However, it may be wise to be wary of free lunch seminars that promise to help investors to grow their retirement funds or eradicate market risk. Research shows that many seniors at such seminars are asked for personal information that may make them susceptible to financial fraud, or they may receive recommendations about investments that actually will not benefit them.
Going through a breakup with a spouse certainly can be a complex matter, especially for a person who is trying to plan his or her financial future and is worried about how the divorce may negatively impact his or her goals. This fear may be legitimate if matters such as property division, the splitting of assets or alimony are at the center of the divorce proceeding. However, having a thorough understanding of divorce laws in Virginia can help a person to take control of the situation by negotiating a comprehensive settlement with the other party in an effort to achieve the most just and favorable outcome possible.
Source: The Huffington Post, Financial Tips That Ease the Sting of Divorce, Julian Block, Dec. 25, 2013