The initial impact divorce is usually emotional in nature. Oftentimes the parties feel hurt and sad that they no longer care for each other as much as they once did. As tough as it can be to deal with these emotions, Virginians who are going through the divorce process must think about more than just their heartache. They also must consider how their divorce will affect their financial well-being, and plan accordingly.
One’s post-divorce financial standing is typically dictated by the outcome of the property division process. Here, marital assets and debts are divided in a way that is fair, which can either be negotiated or litigated. However, to obtain a truly fair outcome, the parties have to be open and honest about their assets and debts. In some instances, though, one party to a divorce may try to hide assets to avoid losing them during the property division process.
To ensure that hidden assets are discovered, a party may want to think about working with a forensic accountant. These professionals know how to analyze numbers in conjunction with an individual’s behavior to identify potential problems. They can then delve deeper to discover whether assets are being siphoned away from marital accounts or a business with the intention of eluding detection. If hidden assets are discovered, then a party can bring the matter to a judge’s attention and seek an appropriate remedy.
Many Virginians mistakenly believe that their property will be equally divided during divorce. This isn’t always the case. Property is to be divided equitably, which means that the split needs to be fair. This leaves the door open to legal arguments for why a party should receive a greater share of marital assets. Because the outcome of these disputes can have long-lasting financial ramifications, Virginians should think about having a skilled legal advocate by their side throughout the process.