Virginia Asset Preservation
The term ‘Asset Preservation’ in the context of divorce can have many different meanings and therefore may raise a considerable range of questions for couples as they prepare for and then proceed through the divorce process.
One of the most important questions to be addressed by couples at the outset is: ‘What process or method of divorce will allow us the greatest degree of control over how assets will be divided?’ We at Collaborative Divorce Center of Coastal Virginia believe that the answer to this question is the Collaborative Divorce method because it provides a safe forum for information sharing and solution focused problem solving. This allows a greater degree of client control and involvement. The result is a more effective and efficient use of client resources.
Our Collaborative team begins by working with clients to develop comprehensive inventories of income, expenses, assets and liabilities. We provide guidance in developing detailed and realistic lists of current and expected future living expenses that are used in addressing issues relating to support and asset distribution. As part of this dialogue we also provide expert guidance in developing plans to determine how client assets will be used to address large future expenses such as college for the children or major home repairs.
As the process continues, other asset preservation/protection strategies that might be addressed are things such as updating estate planning documents, Durable Powers of Attorney and changing beneficiaries. Purchasing or retaining life insurance to protect support payments might also be a consideration. By incorporating these and other important financial issues into the Collaborative Process we are providing clients with greater assurances that their income and assets will be used most effectively as they transition into two co-parenting homes.
Asset & Property Division
Determining how assets will be divided often becomes a point of significant disagreement in divorce. Separating assets that were once referred to as “ours” is a difficult and often contentious process. Reaching agreements therefore can, and often will, consume much of a couple’s time and resources. Our Virginia collaborative divorce lawyers at Collaborative Divorce Center of Coastal Virginia incorporate proven negotiation and communication methods within the Collaborative Divorce Process that serve to reduce the time, monetary and emotional expense associated with resolving property division issues.
Our clients work with our Collaborative team to develop comprehensive inventories of income, expenses, assets and liabilities. The team then guides the discussion on each item. Real estate, vehicles, retirement plans, business interests, savings and investment portfolios are given careful attention. Each person is heard and all ideas are taken into account. Assets and liabilities are divided by mutual agreement in ways that best meet the couple’s interests, goals and needs, and those of the children. What’s more, under the guidance of the Collaborative team, agreements over assets and property division are made in a manner that allows for communication lines to remain open after the divorce has been finalized. This can serve as an important springboard for couples with children since they will continue to share the parenting responsibility well beyond the settlement phase of their divorce.
The Collaborative Process not only helps to preserve client assets, it does so with an eye toward establishing the foundation for two healthy and more financially sound co-parenting households both now and in the future.
More information about Property Division and other Asset Division Laws and be found here