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Divorce & protecting your finances

Divorce & protecting your finances

| Oct 1, 2020 | Divorce

Divorce is no doubt a very emotional and complex process to go through. Often the habit of protecting both yourself and your spouse will get in the way in receiving the best outcome possible. This is particularly important when it comes to your personal finances. Understanding what your options are in Virginia is critical, and thus you need to have legal counsel from an attorney to help you navigate this very complex manner. The following includes a list of things you can do to protect your finances.

Close all joint credit accounts

No matter if it’s from a bank or from a retail store, you should always begin to distance yourself and your finances by paying down and closing down credit card accounts. If there is any reason why you can’t pay down these accounts, then this matter should be taken care of during divorce mediation. This process then divides all debts incurred between you and your ex-spouse.

Bringing in a CDFA

A CDFA or certified divorce financial analyst is often necessary to bring in to ensure that your personal finances are taken care of. This is especially necessary when splitting wealth created by a business partnership. In addition, recent studies have shown that only about 6% of all women going through a divorce sought the aide of a CDFA. When asked why they didn’t get one, the majority of women said they didn’t know about them. Note that if you’re not close to your family’s accountant or other areas where wealth is stored, bringing in a CDFA is necessary.

Request yours and their credit report

It is not uncommon for secrets to come out during the divorce process. Therefore you want to make sure that your spouse isn’t hiding any secret debt from you. Remember, all debts must be split between both parties, and if you’re not aware of their debts/credit report, it can severely hurt your pockets.

Navigating finances during a divorce is a very complex matter and one that should be guided by the aide of an attorney. Doing so may make this very emotional and difficult journey that much easier.

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