How to Obtain Solid Financial Advice After a Virginia Divorce

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Managing Financial Challenges Post-Divorce

Our Virginia divorce lawyers spend a lot of time helping clients navigate the diverse challenges sparked by separation. Divorce can cause emotional upheaval and logistical burdens, but one of the most immediate challenges is often financial. For example:

  • What if you’re a business owner who relied on your spouse’s salary to fund your startup?
  • What if you’ve been struggling to stave off foreclosure, even with two income streams?

To handle the complex and sometimes unexpected financial issues that a divorce or child custody battle can trigger, hiring a qualified financial planner can be invaluable. A financial advisor can help you budget, answer questions, and create strategies to manage the financial demands that arise during a divorce.

An advisor can also help manage any assets you obtain during the divorce, including spousal or child support, portions of the marital estate, real estate, or business property.

Key Areas Where a Financial Advisor Can Help

1. Living Expenses

If your spouse provided significant financial support during the marriage, you need to determine how much money is required to cover your living expenses and care for your children. A financial planner can help you create a budget based on realistic expectations about what you can earn or obtain through asset sales during and after the divorce.

2. Paying Off Debt

A solid debt management plan is essential to building a more prosperous financial future. Debt management options might include restructuring your debt, trimming your budget, or even considering bankruptcy.

3. Saving for Retirement

While it’s easy to become absorbed in the immediate concerns of the divorce, it’s important to consider your long-term financial goals, such as retirement. A financial planner can help map out your ideal trajectory for the future.

Paving the Way for Long-Term Financial Solutions After Divorce

To manage your money more effectively during and after divorce, consider these steps:

1. Update Your Information

If you choose to change your name after divorce, be sure to update all personal and financial records, including your driver’s license, Social Security card, credit cards, insurance policies, utilities, and other assets.

2. Create a Budget

Identify your monthly expenses and income streams to develop a clear picture of how to manage your funds. A well-planned budget will help you make the most of your resources while the divorce process unfolds.

3. Contact a Qualified Financial Advisor

A financial professional can provide guidance on spending, saving, and investing to manage your income effectively and plan for the future.

Conclusion: Build a Financially Secure Future

Divorce can be a painful and confusing experience. However, with the help of qualified financial professionals and experienced divorce attorneys in VA, you can weather the storm and build toward a secure and prosperous future. To discuss the intricacies of your divorce case, call DiPietro, PLLC today at (888) 530-4374.

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