The decision to get divorced isn’t always an easy one because of the emotional and financial struggles often associated with the dissolution of marriage. Major challenges include disagreeing about property division and the fair distribution of shared assets. Many women, in particular, find the process to be difficult to navigate because men traditionally have handled the family’s finances, so they are often out of the loop when it comes to knowing what assets both individuals own. A couple of tips can help individuals to be more financially prepared before divorce in Virginia.
Even among members of the younger Millennial generation, husbands are usually the ones to assume responsibility for big-picture financial matters, such as insurance, investments, retirement savings, taxes and major purchases. Meanwhile, the wives often govern the daily spending. In reality, it’s important that both parties are well-versed on all aspects of their marital finances and have total access to them.
This allows both individuals to understand what they own, what they owe and what their expenses and incomes are. It’s hard to make a convincing argument for assets to be divided properly if one has little knowledge of all of the assets at stake. At the same time, if someone doesn't know that certain debts exist in the marriage, it’s easy for him or her to become stuck with paying debts that he or she isn't responsible for.
When beginning the divorce process, it’s wise to make copies of each marital financial document, check one’s credit score and build up savings that can help one to get through the divorce proceeding. Being able to negotiate ]property division and other related matters can increase both divorcing parties’ chances of achieving a pleasing settlement. If the two can’t concur, however, a judge will assume the responsibility of deciding these issues for the pair in Virginia.
Source: forbes.com, "Perspective And Preparedness For Divorcing Women", Jeff Landers, July 23, 2014