Divorce comes with a ton of challenges. Remember, this is a huge decision that is bound to change the course of your life forever, to say the least. There are a number of things a divorcing couple may be able to work out and resolve peacefully. And there are many others
One of the issues divorcing couples fight over is property division. Unfortunately, it is not unusual for divorcing couples to make costly mistakes that are likely to impact what they take with them once the divorce is finalized and marital property divided according to the prevailing laws.
Here are common mistakes that you need to steer clear of when handling the issue of marital property division.
Failing to identify marital property
One of the common mistakes divorcing couples make is the failure to separate their marital property from their non-marital property. Virginia is an “equitable distribution” state that requires the court to split the marital property in a manner that is deemed as fair and equitable. And proper identification of assets, and then then the classification of marital property and separate property, is the first step towards an equitable and fair asset division.
Hiding marital assets
This is yet another common mistake. During the divorce process, the law requires each party to provide complete and accurate disclosure of their finances. Withholding information about marital assets, either deliberately or unintentionally, can land you in big trouble. First, the court may perceive you as insincere and, thus, punish you by rewarding the other party a greater share of the marital property. And, misleading the court with regards to what you own amounts to a violation of the law, which can come with its own penalties.
During the divorce process, it is understandable that one or both parties may be concerned about their finances and what will become of life after the divorce. After all, it is never easy making ends meet as a single person, especially if you lack adequate earning potential. However, hiding marital assets for whatever reason during the divorce process is never a prudent idea.