When thinking about getting a divorce there are factors you must consider. The best divorce advice for men is to consider the financial impact this action has on both you and your spouse.

According to Marripedia, about 50% of homes with children move into poverty following divorce. Either spouse having custody of minor children often experience a 52% drop in household income.

If you are seeking a quick Virginia divorce, check out our how to prepare for divorce for men 10-point financial guide.

1. Division of Assets

When dividing assets in a divorce the judge will look at all marital property. This includes physical, liquid, and financial assets.

They will determine whether each asset is marital or separate property. This is made based on whether the proper was acquired before or during the marriage.

Another factor is the inherited items of either spouse. Inheritances are separate unless co-mmingled during the marriage. Co-mingling is when inheritance money is mixed with the holdings of the other spouse. For instance, money into a joint bank account.

2. Division of Debt

The court will determine how outstanding marital debt is paid. The court will look at:

What property is used as security on the debt
The reasons for each debt
The amount of debt held by each spouse

The court may order that outstanding debt be paid from the proceeds when selling a large marital asset, such as a home. It may also assign specific debts to each spouse.

3. Alimony

Either spouse may be ordered to pay alimony to prevent the other from suffering financial hardship. The court reviews the needs and economic conditions of each spouse and factors in the grounds for divorce.

If the basis for divorce is bad behavior such as adultery or abuse, the victim may not be required to pay alimony, even if they are the higher-earning spouse. This is not always the case. If you have a substantially higher income, you may have to pay alimony even if your spouse engaged in bad conduct.

Alimony orders designate the amount and length of time payments must be made. Factors the court uses include:

Ability to earn of each party—this is not what you currently earn, it is your ability to earn based on education, work history, etc.
The physical and mental health of each spouse
Standard of living during the duration of the marriage
All income and financial resources, including retirement plans
State of minor children
Anticipated tax consequences following the divorce

If the income status of either spouse changes, that person may request an adjustment. The court will decide whether or not to grant the request.

4. Child Support

When giving divorce advice for men with children, two areas of consideration are child custody and support. In Virginia, any custodial parent may file for child support through the Virginia Department of Social Services. The law requires both parents contribute to their child’s support.

The support requirement ensures the child lives in the same economic conditions they did prior to the divorce. Child support amounts are based on the income of both parents. The court assumes that the custodial parent is providing the majority of support, so the non-custodial parent makes child support payments.

To determine the amount, the court considers income from wages, pensions, commissions, Social Security benefits, Veterans benefits, disability, and unemployment. They do not consider federal supplemental security income and public assistance.

5. Retirement Plans

In Virginia, retirement plans are marital assets regardless of which spouse owns the plan. The law prevents any spouse from receiving more than 50% of the account’s marital share. The marital share is the total interest earned from the date of the marriage to the date of separation.

Employer-sponsored retirement accounts usually require a separate Qualified Domestic Relations Order (QDRO) to divide the distributions. For IRA or Roth IRA accounts the plan administrator usually divides the account in accordance with the Final Divorce Decree.

6. Estate Planning

If you have a trust and/or will designating property distribution, divorce eliminates those provisions. However, if you die prior to completion of the divorce, your spouse can claim their elective share of your estate.

If you do not have a will and die during the divorce, your spouse will receive your entire estate. The only exception is if you have children from a prior relationship. In that case, your children and surviving spouse will share the estate according to intestate law.

7. Inventory All Assets and Liabilities

Prior to beginning a divorce, make a list of all financial assets and liabilities. Include whether each is joint or individual. Include bank accounts, credit cards, investments, life insurance policies, retirement accounts, and real estate. Also list valuable items such as automobiles, boats, valuable jewelry, and collectible items.

For life insurance and retirement accounts, including the value and designated beneficiary. Make copies of bank statements, pay stubs, and tax returns. These become valuable if your spouse hides information from you during divorce proceedings.

8. Protect Your Credit

Consult with your divorce attorney regarding your ability to close joint credit cards or credit lines during the divorce. You want to prevent your spouse from racking up debt that could negatively impact your credit. Check your credit report to make sure your spouse does not have open accounts you are unaware of containing your name.

9. Health and Auto Insurance

If your spouse is the holder of your health insurance you need to obtain your own coverage after the divorce. If you and your spouse are on the same car insurance policy you will need to make appropriate changes after the divorce. Be aware this may increase, not decrease costs because of losing multiple vehicle discounts.

10. Professional Divorce Advice for Men

Even when filing a fast divorce that is uncontested, there are many steps to complete. This includes legal requirements for the pleadings, grounds for divorce, division of assets and debt, and determination of alimony, child support, and child custody.

If you or your spouse are in the military, there are additional factors to consider. This includes residency requirements and how to complete service on your spouse.

Don’t risk having your divorce dismissed because you didn’t follow local court rules, state law, or the Virginia Rules of Civil Procedure. Hire an experienced divorce attorney who will advise you on handling finances during a divorce. This includes what changes you can or cannot make during the divorce process.

In the state of Virginia divorce law is set forth in the Code of Virginia, Chapter 6, Divorce, Affirmation and Annulment. The requirements can be confusing and you have several options. This includes getting a divorce with no court appearance and a completely online option.

Where to Find Virginia Divorce Help

If you are getting a divorce and need financial tips, contact the Law Office of Michael Ephraim. With more than 25 years of experience, we provide services in all divorce areas. This includes uncontested divorce, separation, military divorce, property settlement agreements, divorce by affidavit, and divorce by publication.

10 Financial Tips for Men Getting a Divorce