Jump to Navigation

The importance of separating the 'joints' during divorce

As many Virginia residents who are married or have been married know, marriage prompts the merging of many things. Married couples file taxes together and often share an insurance policy. Many opt for joint checking accounts and share credit and credit scores. But what happens when a married couple decides to divorce? That can often depend on the steps you take to protect your own assets.

Every divorce is different. Some are amicable, and some are messy. However, the need to protect yourself is important no matter how smoothly your divorce is going. And protecting yourself starts with separating joint accounts and creating your own.

If you and your spouse shared a bank account, it is extremely important to leave it and open your own. You can start by taking out half the money in each joint account and depositing it into your own. Not only can this help get your independent life started, it can protect you in case a spouse gets angry and decides to clean out an account.

Next is to separate your credit accounts, including loans. If you and your spouse are on good terms, plan a time to sort through it all, deciding who will take on which debts. A good way to get started is to get copies of your credit score and highlight which debts are shared between the two of you. One important thing to remember is that if you give an asset to your spouse, you must take your name off the loan, otherwise you could end up being responsible if he or she doesn't make payments.

As your assets, income and marital status change, so will your tax returns. Make sure you know what will change. Speaking to a professional may to helpful to make sure you've adjusted everything appropriately.

Finally, if you were covered under your spouse's insurance plan, it's time to get your own. While it may seem unlikely that you'll desperately need coverage during this transition period, unexpected accidents do happen, so it's best to be prepared.

Hopefully these tips will help you as you transition into a new chapter of your life. For more information about the divorce process, speaking to an experienced legal professional may be helpful.

Source: Money Talks News, "4 Steps to Take as Soon as You Say 'I Don't'," Angela Colley, Jan. 3, 2012


My spouse and I absolutely love your blog and find a lot of your post's to be exactly what I'm looking for.
Do you offer guest writers to write content in your case?
I wouldn't mind creating a post or elaborating on a few of the subjects you write in relation to here. Again, awesome weblog!

This design is wicked! You definitely know how to keep a reader amused.

Between your wit and your videos, I was almost moved to start my own blog (well, almost.
..HaHa!) Excellent job. I really loved what you had to say,
and more than that, how you presented it. Too

I was suggested this website by my cousin. I am
no longer sure whether or not this post is written by means of him
as no one else understand such precise approximately my problem.
You're wonderful! Thanks!

Greate pieces. Keep writing such kind of info on your page.
Im really impressed by your blog.
Hi there, You've done an incredible job. I'll definitely digg it and in my view suggest to
my friends. I am confident they will be benefited from
this web site.

It is perfect time to make a few plans for the long run and it's time to be happy. I have learn this submit and if I may just I wish to suggest you some attention-grabbing things or suggestions. Perhaps you can write next articles referring to this article. I want to read even more things approximately it!

It's really a great and helpful piece of info. I am satisfied that you shared this useful information with us. Please keep us up to date like this. Thanks for sharing.

What i don't realize is in fact how you are no longer really much more neatly-liked than you may be right now. You're
so intelligent. You realize therefore significantly in the case of this
subject, made me individually believe it from numerous varied angles.

Its like women and men are not involved until it is one thing to accomplish with Lady gaga!
Your personal stuffs nice. All the time maintain it up!

It's very easy to find out any matter on net as compared to textbooks, as I found this paragraph at this web page.

We're a gaggle of volunteers and starting a new scheme in our community. Your web site provided us with helpful info to work on. You've performed
an impressive job and our whole community might be grateful to you.

Leave a comment
Comment Information
FindLaw Network
Do You Have A Case?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

RSS FEED Visit Our Family Law Website
Office Locations

Becker, Kellogg & Berry, P.C.
5501 Backlick Road, Suite 220
Springfield VA 22151-3940
Telephone: 866-494-2620
Telephone: 703-962-1829
Fax: 703-256-3467
Map & Directions

Becker, Kellogg & Berry, P.C.
6850 Elm Street, Ste 100
McLean VA 22101
Telephone: 703-962-1829
Telephone: 866-494-2620
Fax: 703-256-3467
Map & Directions