Most Virginia residents want their marriages to last the rest of their lives and to be financially prosperous along the way. Unfortunately, not every couple will enjoy this dream. If they divorce, both they and their children may be affected emotionally and financially for years to come.
The divorce process typically involves determining how to divide property, who will have custody of the children, who will provide child support, whether alimony will be paid and how much, what visitation rights will be granted and much more. Every issue can affect both spouses financially. If the couple has considerable assets and property, it can make for bitter feelings if both spouses let concerns about their financial futures cloud their thinking.
Some spouses have not gotten the assets they deserved because of incorrect asset valuation of a couple's holdings. Some financial areas are overlooked without being properly examined and valued, which can cost spouses dearly when settlements are calculated. Among these are family business interests, stocks and bonds and life insurance policies.
Some of these issues require specialized knowledge to properly assess, so the services of valuations and financial experts could greatly help a divorcing spouse accurately assess the value of a couple's holdings. Their findings in a divorce settlement can mean the difference between a workable outcome and a great outcome, particularly in asset division and spousal support. Because property division involves many legal and technical issues, getting the right information is an important course of action for any spouse to consider.
Source: Forbes, "Getting the Most from a High-Dollar Divorce," Russ Alan Prince, Dec. 1, 2014