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The potential for overlooking assets during divorce

On Behalf of | Apr 30, 2022 | Property Division |

Even in the best of circumstances, divorce is not typically an easy thing to go through. In some instances, the process can become pretty messy. Even if spouses in Virginia had an inkling that divorce was on the horizon, it is a life event that could involve a multitude of emotions. In many of these instances, dealing with potentially difficult issues like property division can be incredibly stressful.

Oversights can happen

Since there are so many things to consider during a divorce, it’s not uncommon for one or both spouses to forget about certain assets. Spouses typically realize they need to find ways to divide the home, vehicles and bank accounts. They may, however, neglect other assets they own that should be included during the division of marital property. To ensure a fair divorce settlement, each party should carefully analyze all potential marital property before proceeding through the divorce process.

Some of the most commonly forgotten things

If there are certain items, such as designer name brands or pieces of expensive jewelry bought during the marriage, a formal appraisal might be needed. Family pets should also be discussed, including who will be responsible to look after them post-divorce. There could also be frequent flyer miles and credit card points to consider. Many spouses share joint credit card accounts and may not think about the accumulated points or frequent flyer miles.

The above are just a handful of ways in which the divorce process in Virginia can sometimes be complex and confusing. Having professional guidance by one’s side throughout this time can significantly help with the discovery process of all qualifying assets, ensuring a fair and equitable division of marital property.