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Divorce process myths regarding finances

On Behalf of | Sep 25, 2020 | Divorce

As people prepare for the dissolution of a marriage in Virginia, they may immediately start to question how their finances will be handled. What will happen to the money they have spent years accumulating together, and what about their debts? Here is a look at some often commonly believed myths pertaining to financial aspect of the divorce process.

In some marriages, the two parties decide to hide money from each other. Then, when they get divorced, they believe they can keep this money for themselves as they begin their new lives. However, they actually have to disclose the money that they have hidden as part of the divorce process. The reason for this is that these funds are deemed martial property and thus must be split in an equitable manner in the divorce.

In addition, some people believe that when they get divorced, the debts that their spouses racked up during the marriage will become solely their responsibility. However, if both parties’ names are on the credit card, for example, then both of them will be held responsible for the debt repayment. If they do not pay off the debt, this can have an adverse effect on their credit down the road.

The handling of assets and debts during divorce can certainly become complicated, especially for couples with a large number of assets or debt to split. However, an attorney in Virginia can help a person who is going through the divorce process to seek the best outcome possible in this situation at the negotiation table. Of course, in some situations, reaching a settlement outside of court is not possible. In this case, the attorney will be prepared to litigate the divorce, keeping the client’s best interests at the forefront of the divorce proceeding.

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Attorney Harvey S Lutins