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Protecting financial interests during a Virginia divorce

Protecting financial interests during a Virginia divorce

Virginia couples whose marriages are ending will likely have a desire to protect their financial interests. There are a few simple tasks that can help to ensure that people are contemplating a divorce will have the best possible financial footing once the decree is finalized.

Virginia is an equitable distribution state, which means that marital assets will be divided in a fair manner by the divorce court instead of being divided equally. For this reason, it is vital that anyone who is going through a divorce take a complete inventory of all of the couple’s assets. This can include real estate, retirement accounts, vehicles, and anything else of value. In some cases, it will be important how to locate and access certain assets. This means having the usernames and passwords of accounts that can be found online. It also means learning how all property is titled.

Retirement accounts are often a significant asset in a divorce, and knowing their current and future value can be a factor when negotiating a property settlement. If credit is a consideration, people who are going through a divorce should try to make a clean break from their ex. The last thing anyone wants is to take a negative hit to their credit report or be held liable if their former spouse fails to make payments on time for an account the former spouse was responsible for.

Once all of these factors have been determined, creating a new budget can provide a divorcing spouse with a clearer financial picture and a chance to make changes where necessary. A family law attorney can often be of assistance in helping a client in this regard as well as with providing advice and counsel on other important divorce legal issues that may be applicable.