property division Archives

Managing debt during and after a divorce

Most Virginia residents are aware that lot of attention is commonly given to how assets will be split when a couple gets divorced. This is certainly understandable as the need to sell a house, move out of a family home, give up half of a retirement account or other experiences can be hard to accept. The process can even leave some people concerned about how they will live on their new single-earner income if they had previously enjoyed a lifestyle supported by two incomes. These concerns can grow when a person ends up taking on some of the couple's joint debt as well.

Your mortgage during a divorce

If you and your spouse are embarking on a divorce in Virginia, you will need to determine how to split your marital assets and debts. For most couples, their primary residence is their biggest asset but is also connected to their biggest liability in the form of a mortgage. You should be very careful in how you decide to assign ownership of your home and responsibility for this mortgage should you opt not to sell your home when you get divorced.

How to tell if your spouse is hiding assets

Sometimes, a spouse will hide financial assets before or during a divorce. This is done in an attempt to avoid splitting the assets during the divorce proceedings or to minimize the amount of alimony or child support that he or she may owe. People sometimes hide assets by stashing cash, deferring salary, overpaying taxes, transferring assets to a trusted person or underreporting income. While this type of activity is dishonest and illegal, there are some ways the truth can be uncovered.

What should you do with your share of a 401k?

As you enter into your divorce proceedings in Alexandria, you should know every option available to you when it comes to the topic of property division. Several of the assets that the court considers to be shared can present a number of complexities. Chief among these is a 401k. If your ex-spouse maintains such an account, you may be entitled to an equitable portion of the contributions made to it during your marriage. The question then becomes how can your best manage this asset? 

Red flags for potential asset hiding by a spouse

For couples in Virginia who have been experiencing difficulties in their marriages, it is not uncommon for one or both persons to begin considering asking for a divorce. Thoughts of ending a marriage may well be in the minds of a spouse for some time before they ever choose to utter it to their partner. During this time, some people try to think about ways to protect themselves if they should proceed with a divorce and for some, this may entail trying to hide some financial assets.

Do you need a forensic accountant on your divorce team?

These days, many people embroiled in divorces across Virginia have complex financial situations that can make the process of property division prove difficult. For this reason, many state residents are increasingly relying on forensic accountants who can help them navigate financial matters relating to their splits. Just what role can a forensic accountant play in modern divorce, and should you consider adding one to your divorce team?

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Russell W. Ray, PLLC
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Alexandria, VA 22310

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