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Tips to help your prepare your finances for divorce

On Behalf of | Dec 12, 2022 | Divorce, Family Law

Divorce is difficult for many reasons. Separating a married couple’s finances is often one of the most challenging aspects.

People who fail to plan for their post-divorce finances often struggle. These tips can help.

Beware of one-size-fits-all advice

The divorce laws in Virginia are not the same as the divorce laws in Texas. General advice may not apply to your specific situation. Make sure you are aware of the specific laws in Virginia that apply to your divorce before you make any decisions.

Collect your records

Before you can plan out your finances, you need a complete picture of your financial position. A good place to start is to gather all your financial records. Examples of records you should have include:

  • Savings and checking account statements
  • Investment account statements
  • Credit card statements
  • List of all your assets and debts
  • Retirement account statements
  • Recent pay stubs

You should also gather information on any loans you have and your income tax returns for the past three years.

Do not make big financial moves before your divorce is final

The court will have a say in some of your financial options, so it is best not to start making changes, such as removing your spouse as a beneficiary of your life insurance, before your divorce is final. Some premature actions could even result in criminal contempt charges.

Do not try to outspend your spouse

Keep using your accounts the same way you were using them before you filed for divorce. Withdrawing too much money from your account could negatively impact your case.

Divorces can wreak havoc on your finances. However, the better you plan, the better position you are likely to be in when your divorce is final.


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