You and your spouse have just decided that filing for divorce and going your separate ways is what is best for both of you. But now you are left wondering what to do next. Many divorcing couples tend to believe that marital assets will simply be divided equally once the divorce is finalized; however that is rarely the case and spouses who fail to take proactive measures to secure their assets may find themselves in a less than favorable financial position when settlement negotiations begin.

In many states, including Virginia, marital assets are divided "equitably" among the divorcing spouses. In an equitable division of property situation, non-tangible assets such as advanced degrees, earning potential and the standard of living that each party is accustomed to can come into play during the negotiation period. Therefore, a woman who has grown accustomed to a certain standard of living probably should not immediately downgrade her lifestyle once divorce seems inevitable since doing so may reduce the percentage of assets that she will be entitled to.

In a typical divorce situation, the best thing that each of the parties can do is seek the advice of legal counsel. However, there are a few steps that you can take immediately to help secure your financial future such as removing your spouse from your credit cards, opening your own bank account, maintaining a joint account for shared expenses until the divorce is final and making sure that your paycheck is being deposited into your own account.

Divorcing spouses can expedite the settlement process if they are able to make amicable decisions regarding child custody, retirement benefits and the allocation of other assets such as the family home before the formal negotiation process begins. However, when amicable decisions are not possible, you must be sure that you present information regarding all assets that you may be entitled to including medical insurance, assistance paying for your children's college tuition and other easily forgotten items such as insurance policies and stock options.

Source: Huffington Post, "We're Getting A Divorce, Now What?" Linda Descano, Feb. 1, 2012