Financial Planning After A Virginia Divorce: Practical Tips For Parents
Getting a divorce in Virginia often brings about major financial changes, especially when you are raising children. Even if you feel prepared, the transition from shared income to managing household expenses on your own can feel overwhelming.
Fortunately, with careful planning, you can rebuild, regain financial security, and protect your family’s future. If you are recently divorced or preparing for it, our experienced Virginia divorce attorney offers practical tips for financial planning to avoid stress and stay on solid ground.
Reviewing Financial Responsibilities After a Virginia Divorce
Property division plays a major role in Virginia divorce proceedings. Under the Virginia Code, all marital property and assets are divided equitably, not evenly, between the couple. Negotiating the best possible settlement plays an important role in divorce recovery, as do alimony and child support orders.
However, once your divorce is final, you still need to adjust to a new budget. This carries extra weight for parents. To protect your family’s financial security, take time to review:
- Your monthly budget, including housing, utilities, childcare, and transportation.
- Child support or spousal support obligations, whether you are paying or receiving them.
- Health insurance coverage and out-of-pocket medical expenses.
- Shared debts, like credit cards or loans, assigned during the divorce.
- Income changes that may require adjusting your tax withholdings or savings plan.
Maintaining thorough records during the first year after divorce can help you catch issues early, especially if you need to revisit support, modify an agreement, or resolve disputes over payments.
Protecting Your Financial Future After Divorce in Virginia
Getting the best possible divorce settlement plays a major role in your financial recovery. However, once the Virginia Family Court issues a final order, it is important to look ahead.
Divorce often affects retirement planning, insurance coverage, and financial goals that were originally based on two incomes. Taking action now can help protect your family’s long-term future. Follow these tips:
- Update your beneficiary designations for retirement or other financial accounts and life insurance.
- Review credit reports to ensure all joint accounts are closed or reassigned.
- Create an emergency fund for unexpected expenses.
- Meet with a financial advisor to adjust your savings, long-term investments, and retirement strategies.
If you share children, you may also need to plan for future expenses such as extracurricular activities, school-related costs, or college savings. A thoughtful plan can prevent future disagreements, keep you organized, and ensure children have what they need.
Schedule a Consultation Today With Our Virginia Divorce Attorney
A Virginia Divorce can impact your long-term goals, your ability to save, and how you plan for your child’s future. Getting professional legal guidance can help in determining what you need to do now and how to protect yourself moving forward.
At Schwartz Kalina, PLLC, we support clients through every stage of divorce and post-divorce planning. Whether you need help understanding your financial obligations, enforcing an agreement, or modifying support, our Virginia divorce attorney is here to help. Call or contact us online today to schedule a consultation.
Sources:
law.lis.virginia.gov/vacode/title20/chapter6/section20-107.3/
loudoun.gov/114/Juvenile-Domestic-Relations-District-Cou
