Emotions are often at an all-time high when a couple finally realizes their marriage is coming to an end. In the days following the decision to divorce, it’s likely that very little else is on each person’s mind other than the issues that will need to be addressed. Some people in Virginia may be under the misguided impression that a divorce won’t have any bearing on their lifestyles. That is not the case, however, in many circumstances, especially when there is a lot at stake and the couple is going through a high-asset divorce.
Careful consideration is needed
Professionals contend the financial snapshot in a high-asset divorce must be considered carefully to ensure a fair agreement is reached. Both spouses’ income along with any debts must be considered since there might be a substantial drop in income post-divorce. Virginia is an equitable distribution state, meaning there are distinct factors having a bearing on who gets what, and not all assets and debts are always divided equally, according to a judge’s ruling.
Potential changes to make
The possibility of future income and distribution must also be given some attention. Furthermore, most spouses will also need to remember to change the beneficiaries of their wills, life insurance policies and other accounts. On the other hand, some people don’t realize they may be able to collect benefits from a former spouse like Social Security benefits.
Virginia residents who are considering or already going through a high-asset divorce should take all steps necessary to have a clear understanding of their financial situation. Help can be found through a number of professionals, such as an attorney, an accountant and a financial planner. Having proper support and assistance can allow for a much smoother transition into the future both emotionally and financially.