When there is a divorce between two individuals in Virginia, one of the major points of contest happens to be the distribution of finances between the two.
If the two spouses can’t agree, then the experienced contested divorce attorneys at the Law Offices of John W. Lee, P.C can intervene and find an amicable way to common ground between the two.
The following are a few things that you must remember while distributing your assets and properties.
- Avoid Making Any Decision Emotionally
During the divorce process, lots of negative emotions may come into your mind. Therefore, take the advice of any of your well-wishers and professionals while deciding anything related to your finance.
- Discuss with a Lawyer or Any Financial Advisor
During such a situation, only your lawyer whom you trust, and also your financial advisors should be brought into the picture to discuss everything.
- Discuss Property Settlement Agreement
This agreement can be quite a useful document that will help you to settle all the basic elements regarding your divorce.
- Evaluate the Property Value for Equal Distribution
It will always be a smart idea to evaluate the right market value for all your joint assets so that on the basis of that, equal distribution can be done.
- Know about Any Hidden Taxes
You must consult any tax expert to know how your taxes will be involved while distributing your property during divorce.
- Separate All Your Credit Accounts
If you have any credit running then before the divorce issue is settled you must settle down all your existing credits.
- Separate All Other Assets
You must in a very careful manner separate all the other assets and finances that are existing in joint names with your spouse.
- Avoid Taking Any New Debt
Till your divorce issue is fully resolved, avoid taking any new credits in a single or joint name, which can further complicate the matter.
- Understand All Your Debts
You must also carefully list all the pending bills and debts that are existing in the name of both of you and try to separate them as early as possible.
- Identify Your Emergency Funds
Before you plan to divorce, you must start saving some amount as your emergency amount that may be needed by you during any unforeseen events.
Divorce is always an emotional thing and hence never make a decision individually on your own.