Financial Planning Before, During, and After Divorce in Virginia

Divorce is a major life event that can have significant financial implications. Planning and preparation are crucial for successfully navigating this challenging time. This guide aims to provide insights into financial planning during divorce, divorce budgeting in Virginia, and asset protection strategies, with a focus on residents of Fairfax County, Virginia and Loudoun County, Virginia.

Financial Planning During Divorce

Consult a Financial Advisor

First, spend time figuring out what you’ve got and what you’ll need after divorce.  Often that process starts by conducting a comprehensive financial review.  Consider consulting a certified divorce financial planner in Virginia like Patrick Baranowsky.  Alternatively, consider wealth advisors like Mark Brooke from Edward Jones or Scott Mann from Raymond James who regularly help with divorce-related financial planning.  With divorce often comes division of retirement funds. You may need to reassess your retirement planning goals post-divorce to ensure long-term financial health.  Again, for retirement planning after divorce in Virginia, consult with financial professionals who can offer customized advice to meet your specific financial landscape.

Consult with a Loan Officer

Second, if you are going to be purchasing a new residence or refinancing an existing residence, meet early in the process with a loan officer who can offer you guidance on the types of loans you qualify for, the amount you qualify to borrow, and how you can best position yourself to minimize your costs associated with borrowing.  Consider consulting with a loan officer familiar with individuals going through divorce or similar life changes like Meghan McDonald from Atlantic Coast Mortgage.

Establish a Budget

Budgeting for divorce expenses in Fairfax County or elsewhere can help you anticipate (and meet) financial challenges during the divorce process and thereafter.  I often recommend clients review their past 6 months of expenses, average them, and then categorize them into a Monthly Income and Expense Statement.  Though time consuming, this work will not only be helpful later during divorce, but also immediately as you grasp how much you will need to maintain your standard of living (or at least get by for as long as possible).  When budgeting, consider additional costs such as costs for attorneys and experts, child support, alimony, and relocation.

Open Separate Accounts

To better manage your finances and draw a clearer line between “marital money” and “separate money,” open separate checking and savings accounts as soon as you are separated.  From your new separate accounts, you can transfer money into marital accounts or directly pay your expenses.  This ensures you control your money and shared expenses are clearly defined and agreed upon before they are paid.

Protecting Assets in Divorce & Asset Protection Strategies in Loudoun County Divorce

Consider setting up trusts or utilizing other legal structures to protect your assets. Always consult an attorney for advice tailored to your specific circumstances.  Our firm regularly refers clients to an attorney named Richard Ruddy at the Ruddy Law Firm for such purposes.

Divorce introduces numerous financial challenges, from protecting assets to adjusting your budget and planning for retirement. Given the complexity of divorce financial planning, consulting experts is often invaluable.  We work with a number of professionals in the area who are experienced with divorce-related issues and are ready to help.  Whether you’re in the initial stages of contemplating a divorce or in the midst of one, a methodical financial strategy can pave the way for a smoother transition. For those residing in Fairfax County or Loudoun County, Virginia local resources and advisors are available to guide you through financially challenging times.

If you or someone you know is navigating the complexities of family law, consider reaching out to an experienced family law attorney like Jason A. Weis, Esq.  For further insights and legal assistance, don’t hesitate to explore other posts on my website at www.familylawva.com or my firm’s website at www.curranmoher.com.