Dividing finances during a divorce in Virginia requires a clear picture of both parties’ financial circumstances. Courts use this information to divide property fairly and determine support obligations.
To do this, each spouse must disclose key financial documents. Below are the most important documents that are needed.
Income and employment records
Both spouses must provide proof of all sources of income. This includes recent pay stubs, W-2 forms and tax returns from the past few years. If either spouse is self-employed, business income statements and profit and loss reports may also be needed. Bonus payments, commissions, rental income and other sources of earnings should also be disclosed.
Assets and property details
Virginia law requires full disclosure of all marital and separate property. This includes bank account statements, retirement account balances and investment portfolios. If either spouse owns real estate, they must submit mortgage statements and property valuations. Vehicles, valuable collectibles and personal property of significant value may also need to be listed with supporting documents.
Debts and liabilities
Courts also consider debts when dividing property. Credit card statements, loan documents and personal lines of credit must be disclosed. If joint debts exist, both spouses should provide the most recent statements. Mortgages and auto loans also fall under this category.
Expenses and financial obligations
Each spouse may be asked to list their monthly living expenses. This helps determine spousal or child support. Typical expenses include rent or mortgage payments, utility bills, groceries, insurance premiums and child-related costs.
Being thorough and accurate is essential when submitting financial documents. Failing to disclose all required information can affect the court’s decisions and delay the process. The goal is to give the court a full financial picture to make fair rulings on support, property division and debt responsibility. Seeking legal guidance can help you get the appropriate documents in order.
