Important Financial Records In a Virginia Divorce (Part A)
When you consider divorce, you are probably thinking of the emotional trauma more than the financial stress. But as much as that emotional stress can hurt, the financial end has an equal, if not greater, propensity to injure you. It is of the utmost importance that you keep track of your financial records before, during and after your Virginia divorce.
Identifying The Important Records
This is a simple enough process as all financial records are important records. In a Virginia divorce, your assets and debts may or may not be divided equally. It is more likely that assets will be divided equitably, meaning a fair rather than equal division. This could mean the higher income earner takes on a higher percentage of debts acquired and so on.
Complete and accurate financial records could heavily impact your Virginia divorce and the settlement you receive from it and future spousal support. Becoming familiar with the following documents could prove vitally important:
- Net worth statement;
- Tax returns;
- Life insurance policies for yourself and all members of your household;
- Any disability statements acquired by yourself or your husband;
- All insurance policies, including health insurance and car insurance;
- Real estate agreements;
- Any existing lease agreements;
- All bank, credit card, and brokerage statements;
- A copy of your credit history and, if possible, that of your husband;
- An inventory of your personal property;
- Any applicable employment contracts;
- Wills;
- Living wills;
- Trusts;
- Any existing Social Security benefits statement;
- Partnership agreements;
- Pre-nuptial agreements;
- Separation agreements; and
- Annuity statements.
Next, it would be in your best interest to consult with an experienced divorce attorney who understands women's issues in Virginia. It is important that the Virginia divorce lawyer you choose has handled cases similar to yours and that they understand the importance of your financial records and their impact on both your divorce and life after divorce.
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