Five Steps To Take Now To Help You Recover Financially From A Divorce
If your marriage is in trouble and you are considering getting a divorce in Leesburg, one of your major concerns is likely to be what your life will look like in the aftermath. Making the adjustment to living on your own and on a reduced income can be challenging. Our Leesburg divorce attorneys recommend the following steps, which can help you financially recover from your divorce.
Planning For Your Future During Divorce
Filing for a divorce through the Loudoun County Courts is inherently stressful. It generally involves making major changes in every area of your life. To protect yourself and your financial security both throughout the process and in the aftermath, there are some simple steps you can take now. These include:
- Establish your own credit.
One of the first steps to take to protect yourself when getting a divorce is to re-establish your own credit. Close any joint accounts with your spouse and make the effort to pay back outstanding balances. Open a credit card or take out a small personal loan in your name alone and begin making regular payments on it.
- Create a budget.
Carefully consider housing costs, car payments, utilities, food, and other expenses. Determine the amount of income you will need to maintain your current lifestyle and any changes that may be needed.
- Consider whether spousal support is an option.
With the high cost of living, making the adjustment to living on one income after a divorce is a major concern. If you make significantly less than your spouse or sacrificed your own career or education for the sake of the marriage, you may be entitled to spousal support payments as part of your divorce settlement. Discuss this option with our Leesburg divorce attorney.
- Make the most of marital property settlements.
Under the Virginia Code, you are entitled to an equitable share of any property and assets accumulated over the course of your marriage. Make a complete inventory of all assets you and your spouse possess. In addition to homes, cars, household furnishings, and money in bank accounts, consider the value of artwork, antiques, and other items you own, as well as life insurance policies, shares in businesses, and stocks or other investments.
- Make sure you get your fair share of retirement benefits.
During your marriage, your plans for your future were likely closely tied in with your spouse. Our Leesburg divorce attorney can advise you on your rights regarding retirement benefits during your divorce. You may be entitled to a share of any pensions, 401k, or other retirement accounts your spouse contributed to over the years, as well as benefits earned through the Social Security Administration (SSA).
Let us Help You Today
At Schwartz Kalina, PLLC, we can help you in planning for your future after divorce. Getting the best possible divorce settlement plays an important role in this process. To discuss your options, call or contact our Leesburg divorce attorneys online and request a consultation today.