Richmond, VA- Nearly four in ten Virginia marriages are likely to end in divorce and many issues come in to play when a couple divorces. One of those primary issues that must be dealt with is a couple’s finances. How to split their home and other financial assets like retirement accounts and health insurance can be a bone of contention, but there are things you can do to protect your finances before and during your divorce.
The first thing you can do to protect your interests is to retain a divorce attorney near your Virginia location. They will help you get started on the daunting task of unraveling your finances from your estranged spouse.
First you need to gather all of your financial documents, so you can share them with your attorney. They will identify the assets and debts are marital and which ones belong to each spouse individually. This is the first step in unraveling your mutual finances.
After identifying what assets are non-marital or marital, your lawyer will then determine if you are eligible for spousal support or alimony. Financial support is generally awarded to a lesser earning spouse so they can maintain the lifestyle they have become accustomed to during their marriage.
For most married couples, their home is their most valuable assets and figuring out what to do with home can be a major sticking point in a divorce settlement. The simplest solution is for a couple to sell the home for a fair market value and split the proceeds, but that doesn’t always work, especially if a couple has children or one spouse has a strong emotional attachment to the marital home.
If one spouse wants to stay in the marital home, they may want to consider buying out their spouse’s stake in the marital home. Under Virginia’s equitable distribution laws, the value of a marital home will be split 50/50 unless one spouse can prove they own a bigger stake. If one spouse chooses to remain in the home, they must then negotiate how to repay the other spouse for their share.
Most debts and assets required prior to marriage are generally excluded from a final divorce settlement, so make certain you find the documentation necessary to ensure those assets are not part of your divorce proceedings.
Divorce can have a big impact on each party’s financial future, so they each need someone on their side to advocate for their rights and ensure any financial arrangements they agree are equitable and don’t leave a person financially devastated. When you enlist one of our divorce lawyers in Virginia, you can be confident that someone is working to protect your future and stability. If there are disagreements, you can be confident that our team of attorneys will work to help you and your estranged spouse reach a mutual agreement over your financial assets and marital home.
Let USAttorneys connect you with a divorce lawyer near your Virginia location today, so they can get started on your case.