Step 2: Value Any Relevant Contested Marital or Mixed Property
Have referred cases to her over the years, and all clients who've responded to our surveys have given me positive feedback. Susan did a mediation for us. Great skill. Juhl has a wide breadth of knowledge about family law. She is courteous at all times and works hard to achieve excellent results for her clients. For more information about how we can help you or to schedule a consultation with our Fairfax family law attorneys, call or fill out our online form.
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Mine, Yours, and Ours in a Virginia Divorce | Graine Mediation
Please enter a valid phone number. Please verify that you have read the disclaimer. The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. The purpose of these factors is to enable the court to have criteria to determine how the property and debts accumulated during the marital partnership should be fairly divided. Spousal support is an amount of monetary support paid by one spouse to the more financially dependent spouse and is based on a number of factors, described below, including the need for and ability to pay spousal support, and the life style to which the parties became accustomed during the marriage.
Section It is not designed to reimburse funds to one of the parties nor is it designed to punish a spouse. Periodic payments for an undefined duration, periodic payments for a defined duration, and a lump sum award are the three basic types of spousal support.
A court may fashion an award based on one of these three types of support, or it may fashion an award that is a combination of two or all of these types. Parties may even agree that neither party will ever have to provide spousal support to the other. A periodic payment for an undefined duration is a specific sum that a spouse or an ex-spouse pays at designated intervals e. The grand total of this award is uncertain because the payments do not end on a specific date but instead end upon the occurrence of an event, such as the death of either spouse, remarriage of the spouse receiving support, and may end if the recipient spouse cohabits in a marriage-like relationship for a year or more, or further order of the court.
For example, it could be awarded for five years payable in monthly installments. However, like spousal support for an undefined duration see IIA above , periodic payments for a defined duration can terminate before the end of the five-year period if the payee remarries, resides with a person in a relationship analogous to marriage for more than one year, or if either spouse dies.
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Rehabilitative spousal support is designed to help the payee spouse become self-supporting. During the prescribed time period, the spouse receiving the spousal support may obtain employment if he or she has been out of the workforce, increase his or her income to a self-supporting level, or get more education or training to become self-supporting.
Any of these events may lead to a modification of support. The spousal support statute requires that an order entered by a court for periodic payments express the amount of support in fixed sums, and state the payment interval, the payment due date, and first payment date. Orders of support for a defined duration must contain even more specific findings. In contrast to periodic payments, a lump sum award of spousal support is a set amount that is due when a court awards it. It can be paid all at once or in installments, but the total amount is known.
This reservation generally lasts half the length of the marriage. A court can also award temporary spousal support while a divorce suit is pending. Under some circumstances, a spouse may be legally barred from receiving spousal support.
For example, adultery is a bar to spousal support except when special findings are made. A court has broad discretion in determining whether a spouse should receive support.
These factors include the following:. A court generally can increase, decrease, or terminate the amount or duration of spousal support if a party can show a material change in circumstances. A number of factors influence such a decision. Spouses involved in a separation or divorce should always consult a tax professional for answers to their tax questions. In Virginia, judges must first calculate child support using a formula commonly referred to as the child support guideline.
In addition to child support payments between the parents, the court has the authority to order either parent to maintain an existing life insurance policy and to name the child ren as the beneficiary. Some examples of income found in the case law include gifts from parents, inheritances, voluntary contributions to retirement plans and capital gains after determining how much is actually income and not capital recoupment. In addition, if a parent is paying spousal support to a former spouse under a court order or agreement, that spousal support is deducted from his or her income before the guidelines are calculated.
If either parent is self-employed, a partner in a partnership, or a principal in a closely held business, the judge may deduct from that gross income of the business reasonable business expenses and one-half of the self-employment taxes paid by that parent. If either parent has another child from a prior marriage or relationship, the court may give that parent an adjustment in the child support calculation.
The knowledgeable lawyers at Nichols Zauzig have extensive experience helping clients negotiate reasonable divorce settlements with former spouses in order to avoid the stress and expense of litigation. Dividing assets with a former spouse in an amicable manner is not always possible.
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Instead, it means that the court will make an effort to divide property fairly based on the length of the marriage, the owner of the property, the reasons for the divorce, and other relevant issues. When property is divided in the Commonwealth of Virginia, the court follows the following process:. The court decides how all of the property should be divided considering the rights and interests of each party and the length of the marriage.
If one party hid assets or took steps to reduce the value of the marital property to be divided, that party can be penalized for these actions. Because dividing all property into equal halves is rarely practical, in many cases the court will require one spouse to pay a monetary award to the other spouse as partial compensation for the value of marital property.
If the court is asked to make a decision on the monetary award based on the value of shared property, the divorcing parties must provide evidence for any claims they make regarding the value of shared assets.
In certain cases, estimating the value of shared property can be difficult. For example, if a couple has been operating a family business together, one spouse may need to buy the other out of the business. In such cases, a business valuation expert may be necessary to help determine the fair market value of the property, including good will brand recognition and reputation. To better understand your rights when the court uses equitable distribution to divide your assets, it is helpful to understand what types of property are classified as marital property and what types of property are classified as separate property.
Property in which one spouse has a separate claim, but the other spouse acquired an ownership stake during the marriage.
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For example, if one party owned a house before marriage but both parties paid and improved upon the house, this property may be considered both marital and separate property. Property to which both spouses hold legal title however, title is not the sole deciding factor if one spouse can prove that the property is actually separate property.
Property acquired by either party during the marriage from an inheritance or gift not from the other party and maintained separately. Property acquired in exchange for the proceeds from separate property or in exchange for separate property. For example, if one spouse purchases an item with his inheritance money or with the proceeds from selling his bachelor pad, this item can constitute separate property. Each party is generally entitled to keep his or her own separate property following divorce, while the marital property is split in a fair and equitable manner by the court.