As soon as a Virginia spouse makes the decision to move forward with divorce, he or she will find it beneficial to take immediate action to protect long-term financial interests. The preparation one takes to get ready for a divorce may help lay the foundation for a strong financial future. Securing post-divorce financial stability starts from the moment one decides to seek an end to a marriage.
Important things to know
The first step to protecting one’s interests in a divorce is to understand how the property division process works. One of the most important factors in any property division settlement is to determine what property is marital property and what is separate. All marital assets are subject to division in a divorce, and it includes anything bought, earned, saved or accumulated during the marriage, such as:
- Retirement funds
- Vehicles
- Taxable investment accounts
- Vacation funds
- Business assets
- Bank accounts
- Pensions or long-term savings
- Antiques or collectibles
Separate property is anything owned by the individual spouses before a marriage, and in some cases, it may include certain assets obtained during the marriage. A Virginia spouse will benefit from a careful assessment to determine which of their assets could be separate.
Fair division and a strong future
Much is at stake during the property division process. A spouse will benefit from an understanding of his or her property rights and how to pursue the most beneficial outcome possible. With one’s post-divorce financial stability on the line, it is helpful to seek the guidance and support of an experienced family law attorney.