Divorce inevitably brings change, but it should not mean sacrificing your financial security. When you have worked hard to build a life of abundance, protecting what matters most becomes the priority. What are your rights and options in safeguarding your future?
Divorce in Virginia is not a 50/50 split
Virginia follows an equitable distribution system. This means the court divides marital assets fairly, but not necessarily equally. Understanding this principle is vital. It helps in preparing for what may lie ahead.
Safeguarding your interests and protecting your future
To protect your assets effectively, consider the following steps:
- Organize financial records: Collect all your financial paperwork, like bank statements, tax returns and investment details. Having complete records helps clarify and support your case in court.
- Identify marital vs. separate property: Know what assets belong to the marriage and which ones are separate. In Virginia, inheritances and gifts received by one spouse usually remain separate.
- Consider a prenuptial or postnuptial agreement: If you have one, discuss it with a lawyer. These agreements can simplify asset division during divorce.
- Keep inheritance separate: If you inherit money, keep it in a separate account. Mixing it with marital funds might make it subject to division in a divorce.
- Evaluate business interests: If you own a business, assess its value and impact on your divorce. Protect your interest by keeping clear records and considering buy-sell agreements.
- Avoid major financial changes: Do not make significant financial decisions without consulting your attorney. Sudden changes can complicate the process and raise suspicion.
- Consider tax implications: Asset division can have tax consequences. A financial advisor can help you understand potential impacts and plan accordingly.
Each situation is unique, and the stakes are too high to navigate alone. For a fair divorce settlement, especially with significant assets, it is essential that you get legal help from a divorce lawyer who specializes in high-value cases.
