Virginia is an “equitable distribution state,” which means that in any divorce proceeding, a circuit court is permitted to classify parties’ properties and debts as either separate property, marital property, or a hybrid property (consisting of both separate property and marital property funds). Once the circuit court classifies the parties’ properties and debts, then the court is authorized under Virginia law to divide these assets and debts accordingly.
One such type of marital asset that a Virginia circuit court will divide is any retirement accounts titled in either party’s name. In Virginia, the division of a retirement account shall not exceed fifty percent (50%) of the marital share. Under Virginia law, the marital share is is defined as the portion of the total interest that was earned during the marriage until the parties’ date of separation.
What Types of Retirement Accounts are … Read More »
A new law goes into effect in Virginia on July 1, 2017, giving courts the authority to order a party paying spousal support to maintain an existing life insurance policy for the benefit of the payee spouse. This change to Virginia family law will come from a new statutory provision, Va. Code § 20-107.1:1.
The existing life insurance policies must be on the payor spouse’s life, not the payee spouse’s life. Additionally, the policy must have been issued during the marriage, through the insured’s employment, or be within effective control of the insured provided that the insured party has the right to designate a beneficiary during the marriage and the payee is a party with an insurable interest.
This new Virginia code provision effectively overrules the holding under Lapidus v. Lapidus, 226 Va. 575 (1984). In Lapidus, the Supreme Court held that nothing … Read More »
An advance medical directive is a legal document that allows a person to state what they want for their own medical care if they are unable to make decisions for themselves due to incapacity.
In Virginia, advance medical directives are authorized under the Virginia Health Care Decisions Act.
An Advance Medical Directive may be used to:
specify what the person executing the directive (known as the declarant) does or does not authorize with regard to his or her healthcare;
appoint an agent or a third party to make healthcare decisions for the declarant; and
specify anatomical gifts of a specific part or parts of the declarant’s body, or the declarant’s entire body, for organ and tissue donation.
Executing an Advance Medical Directive
Per Virginia Code § 54.1-2983, in order to be a legally binding document an advance medical direct must be signed by the declarant in the … Read More »
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 »