Lists enable us to accomplish matters fully. In a contentious event such as a divorce, you will want to make sure that nothing is overlooked. In that vein, we have compiled a checklist to enable you to attend to each aspect of your divorce. Have you let something important fall between the cracks? Keep reading to find out.
Divorce Checklist Virginia
Background
- Where will the property settlement be filed (county, state)?
- In what city, county, and state were you married?
- What is the date of your marriage?
- What is the date of your official separation?
Real Estate: To Gather and Determine
- The address, title, and deed of marital home
- Approximate value of marital home
- Lien holders (in order) on marital home
- Does one spouse intend to remain in marital home? And how will buy out be determined?
- Who will live in the marital home during separation/divorce?
- The mortgage: what percentage will each spouse be responsible for?
- What responsibility will each spouse have for upkeep, repairs, and taxes on the marital home during separation and divorce?
- Address, title, deed, and value for any other residences
- Lien holders on other residences
- Who will pay upkeep, taxes, and repairs on other residences during separation and divorce?
- What will be done with other residences?
Other Property and Assets
- Create a list of each spouse’s separate property
- Create a list of marital property
- List all property that is part marital and part separate for each spouse
Debts
- List all marital debt
- List each spouse’s separate debt
- List debt that is part separate and part marital
Second Income
- List sources of second income: small businesses, passive earnings, side jobs, etc.
- If you’re a business owner, how will the business be divided after divorce?
- Will either spouse be entitled to any share of the second income?
Retirement
- Compile a list of all pensions, retirement accounts, savings, funds, stocks, 410(k) or 413(b) plans, tax-deferred annuities, etc. Make sure that you have the exact names, account numbers, and current values of each security. Create a list for each spouse.
- How will these accounts be apportioned in the future? Is either spouse entitled to future earnings or dividends from any of these assets?
Spousal Support
- Will either spouse require support?
- How will this support be paid? One-time payout? Monthly payments?
- When will support begin and end?
- In what way can your spouse alter his or her need for support?
Child Support and Custody
- Who will have physical custody of the children from the marriage?
- Will legal custody be shared or sole?
- What will the visitation schedule will be?
- In what event and by what process will the visitation schedule be altered?
- Can children visit grandparents and be left with them?
- Are there people who are not allowed to be around the children?
- Is child support required to be paid? To which spouse?
- On what date will the child support be paid each month?
- Will spouses have life insurance policies on themselves to care for children in such an event?
- Who will pay for these life insurance policies?
Children’s Education and Extracurriculars
- Who will make decisions regarding education and other activities?
- Will both parents participate in transporting children to and from these activities? (Scouting, sports, lessons, tutoring, etc.)
- Will both parents be permitted to attend performances/practices?
- How will each party contribute to children’s post-secondary education?
- Who will have access to/monitor accounts held for children’s education funds?
[Related: Divorce Financial Planning: Why You Need It]
Spousal Education
- Will either spouse contribute to the other’s education to enable future financial independence?
- How will payments be made, and what schedule will they follow?
- What milestone will determine the end of these payments? Upon graduation/completion of program or job acceptance?
Legal Matters
- How will separation agreements factor into final divorce decree?
- Who will pay for legal fees, court fees, paperwork, investigators, analysts, etc.?
- Will either spouse pay for a percentage of the other’s legal fees?
- Will grounds or fault for divorce be in the final decree?
Divorce Planning Virginia
Obviously, each of the subjects we outlined this divorce checklist merely scratches the surface of each particular situation. Depending on your individual circumstances, some categories may be extraordinarily simple or difficult. Ensuring your financial stability after a divorce can be a tedious process. For help with the financial aspects of your divorce, contact the advisors at Argent Bridge Advisors.
