A while back I wrote a blog piece about establishing a date of separation in your divorce process, and why it’s so important once you have made the decision to move on. Let’s take things a step further. Now that you are in the process of separating, what do you need to know to protect your interests and prepare for the road ahead?
First of all, assess the character and personality of your spouse. How will he or she react to the separation? Is there a chance of spiteful financial retribution? Is there a fear of negligent financial mismanagement? You’ll want to look at how many joint financial accounts (checking, savings, money market, etc.) and joint credit cards are currently open, and consider separating those assets and debts to limit your liability. Many people have fallen victim to a post-separation “race … Read More »
Marital Settlement or Property Settlement Agreements are contracts which can settle by agreement all of the rights, interests, and obligations of separating or divorcing parties, and can also resolve all claims or demands each might have against the other. A Settlement Agreement lays the foundation for a couple to proceed with an uncontested divorce. And, where the parties have no minor children, an executed Settlement Agreement shortens the separation period necessary before filing for divorce in Virginia from 12 months to only 6 months.
The typical Property Settlement Agreement covers division of assets, division of debts, and spousal support, as well as child custody, visitation and child support, if applicable. Full and comprehensive agreements can remove the need for expensive and time-consuming litigation. Settlement Agreements also afford the parties greater control over the results of the termination of their marriage, instead … Read More »
Unfortunately, many people reach a point of no return in their marital relationship. Perhaps a spouse has been unfaithful or abusive, or maybe two people have simply drifted apart over time. Whatever the reason, you’ve made the decision that you need to turn the page and move on with your life. One of the first steps in the divorce process is the establishment of a date of separation. But why is it important, and how can you ensure that you’ve done it correctly?
A separation date may be crucial to your divorce case for a number of reasons. First, if you don’t have a fault basis for your complaint (adultery, cruelty, desertion, constructive desertion, etc.), then your separation date will determine when you can file for divorce. In Virginia, you must wait one year to file if you have children and/or … Read More »
For most uncontested divorces, the parties will need to execute a property settlement agreement, commonly known as a “PSA,” settlement agreement, or simply a separation agreement. With the growing availability on the internet of forms and samples for such documents, some people feel confident in drafting an agreement without the assistance of an attorney. These agreements may turn out to be valid and work for some people, but may result in financial disaster for others.
Language in a separation agreement may seem to have one meaning, but may have an entirely different legal meaning. As an example: John and Ellen sign a separation agreement stating they will “share” physical and legal custody of the child. However, Ellen keeps the children most of the time. Without knowing anything else about this agreement, Ellen may have opened the door for a smaller amount … Read More »