Managing Your Finances During a Virginia In-Home Separation

Posted on Jul 26, 2010 by Hofheimer Family Law

Going through a Virginia in-home separation is emotionally difficult, but it presents many practical, everyday challenges as well.

One major concern during an in-home separation is how financial matters will be handled. As a couple, you likely shared at least some accounts, such as credit cards and bank accounts.

Virginia in-home separation rules require the parties to separate their finances, but that’s not the only reason you’ll want to take this step.

It’s important to separate your finances from those of your soon-to-be-ex so that you can make a clean break from your past and begin to establish your new life as a single person.

If you and your spouse share bank accounts, you should mutually agree to close these and start new bank accounts as individuals. Legally, the money that was in your joint account belongs to both of you; you should try and decide who gets what in a way that is fair to everyone involved.

It’s wise to close joint credit card accounts as well although you will both be responsible for any debt that already exists, even after your Virginia divorce.

If you haven’t yet established credit in your own name, now would be the time to do so if you’re able. Also, start to familiarize yourself with basic money management skills, if you haven’t already. As with anything related to finances, it is wise to consult with your own Virginia divorce lawyer before you agree to any division of finances or debts, to ensure that you are not taken advantage of.

For Virginia women facing divorce, the period of separation can be a key time in life for becoming stronger and more independent. If you’d like to learn more about Virginia in-home separation, please see our article library.

A Virginia divorce attorney at Hofheimer Family Law Firm can examine the specifics of your case to help you decide how much support to ask for, what child custody arrangement will work best for you and your children, and how to fairly divide your marital assets, as well as advise you on your plans for an in-home separation in Virginia. Request a FREE copy of our guide, What Every Virginia Woman Should Know About Divorce, or reserve your seat at our monthly divorce seminar – 757-425-5200.