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How Virginians can protect their financial interests in divorce

On Behalf of | Feb 12, 2016 | Divorce

Getting divorced is not pleasant, and people may also not know what to do in order to protect themselves financially. There are several things that people should do to make certain they are not taken advantage of during their divorces.

The first step people should take is to make certain they have up-to-date copies of all of the financial statements for both themselves as well as their spouses. These should include bank account statements, retirement account statements, income tax returns and others. If the couple owns a business, it is important to have the business professionally valued so that they have a clear understanding of what the business is worth.

Like assets, people should also get current statements for all of the debts owed by both spouses. They should also run their credit reports. Consulting with a financial planner can be helpful so that a person understands how their divorce is likely to affect them and how they can plan for their future and retirement. It is important to understand the potential tax consequences involved with proposed divisions of property and to negotiate logically and without getting overly emotional.

Property division is one of the central parts of most divorce cases. It can be very complex, especially for couples who have accumulated a variety of different types of assets and accounts. Someone who is getting divorced may want to get help from a family law attorney. An attorney may work to protect their client’s financial interests. In order to do this, the attorney may carefully review the assets and liabilities held by the couple as well as the potential tax consequences involved with various different divisions. A lawyer may also negotiate an agreement that is fair to their client without needing court litigation.