State and federal laws determine how funds should be split when a couple decides to call it quits. Part of the divorce process for many in Virginia is a thorough review of assets, liabilities and debts, and then a negotiation to determine how they will be equitably shared. Any effort spent to determine the most accurate picture of the financial situation may prevent misunderstandings and confusion as the marital dissolution progresses.
For some, especially individuals who have been stay-at-home parents, the ins and outs of the family finances may be a mystery. Now, faced with the task of financially funding a new life alone or with children, individuals must determine whether child support or spousal support is appropriate for the settlement. Many states use certain calculation formulas to decide how much support an ex-spouse or a co-parent will receive.
For these formulas to be effective, an accurate accounting of the family income and expenses must be made. For individuals with businesses, finding an accounting of income and expenses could potentially be more difficult. A good start is to gather all the statements, records, deeds, titles and other important financial and legal documents so the person is ready to come to the negotiating table. Records of retirement accounts and possibly a business valuation can come in handy.
The divorce process can be trying and lengthy. Good preparation will help reduce some of the challenges. Many individuals in Virginia have chosen to consult with a family law attorney who can help them prepare for ending a marriage.
Source: flagstaffbusinessnews.com, “Financial Considerations in Divorce“, Jenny Staskey, Jan. 18, 2018
