For Virginia couples who are going through a divorce, issues surrounding property divisionoften rank at the top of their priority list. In handling such matters, it is a rare occurrence that both spouses are equally matched in terms of knowledge or familiarity with the financial workings of their family unit. In many families, one spouse handles the bulk of the financial matters, while the other takes care of other tasks, such as raising the children, bringing in a steady income or looking after the household. This can result in a serious disparity when it comes time to negotiate property division issues.
A spouse who has not taken a hands-on role in the family finances is often behind the curve when it comes to listing and placing a value on family assets. This can lead to fear that they may not receive a fair share of the accumulated wealth. A related concern is that once the divorce has been made final, there may not be enough income and assets to allow the individual to provide for their own needs or for those of their children.
While these are certainly valid concerns, it is important that spouses set aside their worries and take definitive action to ensure a secure financial future. Each scenario is different, but the first line of defense is to find a divorce attorney who can help list and place a value on all marital assets. It is impossible to effectively negotiate for a favorableproperty division settlement without full understanding of what assets are to be divided and the financial ramifications of each type of asset.
Another valuable resource for Virginia residents who are planning to divorce involves the use of a financial planner. These professionals can work with an individual to determine their short and long term goals, then devise a budget and strategy to reach those goals. Not only can a financial planner help one customize their property division negotiation focus, they can also help build a budget to ensure that the assets received through a divorce are able to cover one's needs in the years to come.
Source: CBS News, Divorce financial planner: 3 common fears, Robert Pagliarini, Aug. 23, 2013