By Alan Plevy
In most marriages, there is a division of labor where one person is usually responsible for taking care of the finances. Unfortunately, when a divorce occurs, the person who isn’t the household CFO will need to learn and understand what accounts exist. Family law attorney and principal Alan Plevy explains you should begin the divorce process by gathering your financial documents to save money and time in the long run.
Why you should gather documents at the start of your divorce
“As attorneys, [we] can gather information, but that’s costly and that takes a lot of time,” says Plevy. “My first advice is to go down to the basement — open up the boxes that you have been carrying around for all these years and look at them.”
What documents you should gather
Begin by putting together all of your financial documents such as:
- Bank statements
- Old tax returns
- Life insurance policies
- Current billings
- Mortgage statements
Or, anything else that will determine what the marriage looks like financially.
“I also recommend to people they get a copy of their most recent credit report,” says Plevy. “Take a look at the credit report– determine whether it’s accurate or not. And look at what your credit score is. If your husband or wife has not been paying the bills on time and those bills are in joint names, then that’s going to affect your credit score.”
Going through a divorce can cause a tremendous amount of emotional pain. But as hard as it may be, putting aside your emotions and taking steps now can reduce the possibility of significant financial pain later. This requires gathering information, seeking guidance from experts, and taking action when necessary to protect your interests.
About the Author
Alan Plevy
Alan Plevy is a recognized force in family law, mediation and litigation, with more than 40 years as one of the most experienced divorce lawyers in Virginia. Mr. Plevy is known for being a tenacious litigator and negotiator who is zealously devoted to his clients. A top legal publication, Virginia Lawyer Weekly, noted Mr. Plevy’s impact on the law when it named two cases he litigated among its Top Five Landmark Family Law Cases in Virginia. Those two cases, which date back to the 1980s, are still regularly cited by attorneys and courts.
