Divorce is dissolving one’s marriage legally. The common causes of divorce are infidelity, arguing, lack of commitment, and conflict. Both spouses take a loss during a divorce, but men are more affected than women. There will be shared responsibilities, and for those with kids, there will be a need for child support and the separation of assets.
Divorce can be a challenging situation for a couple involved, and also it can affect the people around. A divorce can be costly and can lead to losing assets from your marriage.
Here are some of the ways that you can protect your finances during a divorce in Virginia.
1. Know how to separate your credit cards carefully.
The most important thing to do before anything else is separate any joint credit accounts. When you close your credit cards recklessly, it leads to a bad credit score making it difficult to create other new credit accounts after the divorce. It can be an excellent choice to ask a judge for your partner to continue paying the joint account or request the freezing of the accounts with your attorney’s recommendation.
2. Consider potential tax consequences.
It is among the worst nightmares which can lead to stress and headaches. Normalize consulting with a tax professional the year after your divorce to file the taxes correctly. Also, the terms and conditions for your divorce can affect your taxes.
3. Inquire about the benefits of a property settlement agreement from your attorney.
It helps to understand that Virginia law depends on the law that property division must be equal. One party cannot walk away with all the assets that both couples worked together to acquire.
A property settlement is an agreement and not a court order:
- This only works if both parties agree to the terms
- Virginia does not acknowledge legal separation through contract.
- The agreement is only valid when the judge finds it just.
4. Don’t let your emotions decide your financial decisions.
Never let your negative emotions make you decide on your financial decision. It can cost you a huge fortune. Positive emotions always lead to a healthy decision for both partners, and it is considered wise always to run your decisions with your attorney