June 3, 2012
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How Should I Protect Myself Financially During My Divorce?
Many people may go into a divorce thinking the process will remain as an uncontested divorce and that everything is going to stay amicable. Additionally, this desire to keep everything as friendly and simple as possible could mean not making the best financial decisions in an effort to not rock the boat and cause arguments. However, it’s important that even in cases where the divorce seems to be going good, to still protect your finances.
The first thing you will want to do is separate your bank accounts. Even if you feel this will make your ex mad, it’s better to separate everything now, than run the risk of your ex cleaning everything out. While the divorce court would likely consider that spouse liable for waste of the marital assets, you may have to wait until long after the divorce is final before you will see any compensation for that financial loss.
Secondly, along that same line, you should stop contributing to any retirement accounts, 401k’s, or whole life insurance policies. Open new accounts and continue any contributions to those accounts. The original accounts will likely be considered marital assets to which your spouse will be entitled to a part. The new accounts, however, can be successfully argued as your sole property. In addition, you should contact your insurance agent to change the name of your beneficiaries if it currently is your spouse.
If you would like to speak to a Virginia Beach divorce attorney about asset distribution, please contact us today. (757) 422-0195.
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