Dealing with a divorce can be very taxing and challenging. Apart from the emotional difficulties, it brings plenty of financial conflicts as well. Of course, it’s best to try to work on an amicable agreement. You can arrange the distribution of assets yourself as long as you can agree on everything.
However, it’s not easy to ride out these hard times so it’s always reasonable to ask for professional help. If there’s disagreement about money matters, a financial planner in Northern Virginia can advise you getting things done fairly. CNN Money has an article dealing with this exact subject:
Know the score. Gather investment and bank statements, going back at least a year. Copy tax returns for income history. Pull your credit report to know what debts you have.
Consult a lawyer. In case you require counsel later and to learn about state laws. In nine “community property” states, assets acquired during marriage are owned fifty-fifty. In the rest, the court decides the split if it goes to litigation.
Open accounts in your name. Start stockpiling a cash stash for emergencies and legal fees. Apply for a credit card, too, while household income is higher.
Once the process is under way
Get the right help. Working out a settlement with a mediator may save money. But if your finances are complex or your relations contentious, an attorney can help you avoid mistakes or costly concessions.
If you aren’t very familiar with the laws that govern the division of property in Virginia, go to AOG Wealth and ask about their legal resources services. This financial advisor in Northern Virginia will help you protect your individual interests, and assist you so that you can continue to achieve your individual financial goals including retirement funds, insurance portfolios, and tax preparation and planning.
The fact is, sometimes things just don’t work out the way we want them to; but that’s no reason to simply let things fall into chaos. Get in touch with AOG Wealth now and explore all your options before making a decision.
(Article Excerpt from Don’t let divorce wreck your finances, money.cnn.com)