How to Deal with Money Issues in Virginia Divorces

Divorce isn’t only emotionally, physically and mentally taxing; it can also take a toll on your finances. You and your spouse should expect divorce to greatly impact your financial security and overall lifestyles.

Property Division

With divorce comes the division of property you have accumulated throughout your marriage. How to divvy them up depends on the type of properties involved--acquired conjugally or separately. There are two ways to broach this division: either agree amicably on who gets what, or take it to court.

Dividing Debts

Dividing debt is often more difficult to accomplish than dividing property. In order to make the best decision and rebuttal, if needed, you need to know the exact amount of debt you incurred during your marriage. Overlooking this information and fully trusting your partner in this regard may leave you unfairly paying for a big sum of money for years.

Tax and Retirement Plans

Divorce has tax implications and can affect retirement plans. You may have disagreements regarding who gets the exemption for your children who are still considered your dependents. You also need to know which attorney fees are deductible.

In regard to your nest egg, your savings may be cut in half when the law says so, but the division of your retirement assets isn’t the only issue. There is the issue of how you will continue to contribute to a fund in order for you to secure your future financial standing.

These are just the basic financial issues you may face in divorce. To get an in-depth understanding of all the potential monetary challenges, seek the help of certified public accountants and divorce lawyers in Virginia Beach.