Divorce is an emotional and overwhelming time in a person’s life. If you do not enter the divorce with the necessary financial information, the process may be even more overwhelming than anticipated. By taking certain actions at the start of the divorce process, you can protect yourself from future surprises, and potentially avoid a great deal of stress later on. Here are four financial steps you should consider taking before divorce:
1. Obtain Financial Documents
If you do not keep good financial records or have limited to no access to your financial documents, now would be the time to gather and retain copies of these documents. These documents should include: tax returns, checking, savings, and bank statements; investment statements, retirement account statements, and other documents that address any sources of your or your spouse’s income. Try to gather all of these financial documents for the last three to … Read More »
Are you separated from your spouse, or otherwise undergoing marital difficulties? If so, you may find yourself wondering whether your spouse can disinherit you. In Virginia, the short answer is no. Virginia law protects surviving spouses from being disinherited by allowing the surviving spouse to claim an “elective share” of the decedent’s estate if the decedent died without a will, if the spouse is omitted from the will, and even if the decedent explicitly disinherited the surviving spouse in the will. The right to an elective share continues even where the parties are separated or pending divorce, until a divorce is final.
What Are You Entitled to Under the Elective Share?
The answer to this question is going to change for decedents dying on or after January 1, 2017, based on some 2016 revisions to the Virginia Code.
For decedents dying before January … Read More »
Powers of attorney are valuable tools for managing your business and personal affairs, and health care. If you are considering one, here are seven things you should know about powers of attorney in Virginia:
1. What Is a Power of Attorney? A power of attorney is a legal document that allows you (the “principal”) to appoint someone (the “agent”) to act on your behalf. A limited power of attorney contains language that restricts the agent’s authority to a specified act or specified period of time. A general power of attorney is effective upon signing and gives the agent authority to do anything you could do for yourself, but it is no longer effective if you become incapacitated. A springing power of attorney (also called a conditional power of attorney) becomes effective if and when you become incapacitated; it can also be … Read More »