The stress of a divorce is something most Virginia couples never expect. During a time of overwhelming emotions, it is easy to make mistakes. Unfortunately, there is a lot on the line during a divorce, and some mistakes can be costly for years into the future.
Many divorcing couples simply want to get through this painful process as quickly as possible. However, it is often wiser to weigh each decision carefully. This is especially true when it comes to asset and debt division.
Slow down and think it through
In an equitable distribution state like Virginia, it is not always easy to determine how to divide assets fairly. For this reason, a partner going through a divorce should take time for the following:
- Determining which assets both spouses own and which assets they own separately
- Obtaining an independent appraisal of high-value assets, such as a business or professional practice
- Anticipating the possibility that the other partner may be hiding assets
- Understanding the scope of all marital debt
- Seeking a fair portion of a partner’s retirement funds, including obtaining a qualified domestic relations order
- Calculating long-term child support expenses, such as orthodontia and college tuition
With so much trauma happening right now, it may be difficult to see into the future. However, many have found themselves struggling financially in the months and years following a divorce because they neglected to spend the appropriate time obtaining a fair court order or settlement. Fortunately, these are steps no one has to take without the guidance of a skilled and experienced legal professional.