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Planning for the future essential during divorce process

On Behalf of | Aug 27, 2020 | Divorce

Determining how to handle the emotional challenges of a marital dissolution in Virginia can quickly become confusing. In the same way, deciding on the best financial moves to make during the divorce process can be perplexing. Sadly, making the wrong financial moves during divorce can have negative repercussions long term. Fortunately, some tips may help with securing a promising financial future in spite of going through divorce.

First, it is wise for divorcing individuals to develop strong plans for saving for their retirements. This is important even if they are decades away from retirement, as building a strong nest egg generally takes time. When divorcing individuals come up with retirement savings plans, they can feel a greater sense of control over this process.

In addition, it is essential that individuals who are going through divorce also create plans to reach their other financial goals. These goals may include saving up enough money to travel to another country. Alternatively, they may be interested in saving up to go back to college or even open their own businesses. Even small sums of money saved up on a monthly basis can be helpful for eventually reaching such goals.

Because addressing divorce financial matters can be puzzling, contacting an attorney is a smart move for those embarking on the divorce process. An attorney in Virginia can help his or her client to create a fair and comprehensive settlement agreement with the other party. This agreement may spell out which party will keep the house versus other assets, such as collectibles, for example. However, if no agreement can be reached, the attorney will be prepared to litigate property division and other divorce matters, keeping the client’s best interests at the center of the divorce proceeding.

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Attorney Harvey S Lutins