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Handling finances before a divorce

On Behalf of | Jun 20, 2017 | Divorce

For Virginia couples who are ending their marriage, the manner in which they should handle their finances with a divorce on the horizon may be a cause for concern. However, there are things they can do to prepare for the process.

Advice regarding legal issues should only be taken from those with the authority to provide such counsel. If there is any uncertainty about whether it is appropriate to make any type of financial changes right before a divorce, an attorney who is licensed in the state that has jurisdiction over the matter should be consulted. People should begin keeping a record of their income and expenses as soon as possible. This can be useful when creating a post-divorce budget. It can also be a factor in how the court rules on the allocation of debts and assets and whether child support or alimony should be awarded.

Collecting important financial records is also necessary, and individuals should begin doing this as early as they can as it can be a time-consuming process. They should focus on gathering savings and checking account statements, credit card bills, income tax returns, recent pay stubs, investment account information and any other records related to their financial assets and debts. Individuals facing a divorce should take care to spend and save conservatively. If the relationship between a couple is not cordial, it may be necessary to obtain a legal separation that can determine how any shared finances can be used until the divorce has been processed.

The end of a marriage can be an emotional time, and some people might be willing to agree to anything in order to put the matter behind them. However, they should refrain from doing so, as a settlement might not be in their best interests. They might instead want to ask their family law attorneys to help with the negotiation of an agreement.