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Put your financial house in order ahead of property division

On Behalf of | Dec 7, 2020 | Family Law

If you and your spouse are facing divorce, the mere thought of the upcoming property division phase may be overwhelming.

Preparation is key to approaching property division with greater confidence. It is a matter of putting your financial house in order.

Identify assets

Begin your preparation for property division by making a list of the assets you own and categorize them as either marital or separate assets. The property division process requires that each asset be assigned a value. Remember that your assets not only include such items as your home, your vehicles, furnishings and collections but also your financial holdings: checking and savings accounts, investments and retirement accounts.

Manage joint accounts

Property division is a complicated process and having joint accounts can make it more so. If at all possible, you and your spouse should close joint credit card accounts and open separate accounts in your own names. You should also consider establishing separate bank accounts. If you need to keep a joint account, for the time being, it would be advisable to have a written agreement stating the purpose. Checks written on this account should contain both signatures.

Anticipate fair treatment

You will no doubt have many questions as you approach property division, and your anxiety level may be high. Remember that Virginia is an equitable division state, and the goal is for you and your soon-to-be-ex to receive fair treatment in the split of assets. Financial preparation will help you navigate this phase of your divorce more smoothly and confidently.