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Protecting Your Finances in a Separation or Divorce - Virginia Law Specific
(provided by Shane Jimison, Esq.)
Proactive Steps to Take in Contemplation of Separation or Divorce
I. Financial Recordkeeping
Begin to assemble and make copies of the following:
Tax Returns from last 5 years
List of personal property over $350 and any appraisals
Pay Stubs
Bank Accounts
Credit Card Statements
Resumes
Wills
Real Estate info, including deeds
Stocks, IRAs, Pension Accounts, 401(k) accounts, etc.
II. Take an Inventory of Household Items
Electronic Equipment
Collectibles
Keepsakes
Make a list of the valuable things in your home, and note which ones you will want at separation
III. Your Credit Obtain a credit report before you separate. Try to clear up any deficiencies or problems that may have been caused by you. This is also a good idea in case the other spouse starts to rack up debt after separation. It is a good idea to open up credit in your name only, if you haven't already done so. You must protect against the idea that your spouse is going to go on a shopping spree while you are still married.
IV. Budget Make a detailed listing of everything you spend or make in 30 days. You will need this for any income and expense reports.
V. Start Separating Your Finances Open a checking account in your name only. Start separating your finances. Begin closing joint banking accounts. Most joint checking accounts can be closed by just one spouse (unless it is a joint tenancy with right of survivorship, contact your bank for more information). If closing the joint accounts will not work, withdraw a fair amount (half) and place it in your own account.
VI. Confidential Communications If you are opening a checking account or have hired a lawyer, you may wish to rent a PO Box so as not to tip off your spouse. Also, you may wish to obtain another e-mail address used only for the purpose of communicating confidentially with your attorney. Keep this account password protected at all times.
Information provided by:
Shane Jimison, Esq. located at
http://www.jimisonlaw.com
Go to: Virginia Articles and Resources
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