Virginia law states that most property and debt acquired after separation must be considered separate (non-marriage) property. Judges cannot transfer separate property to the other spouse. It is therefore generally preferable for the parties to clarify what they have at the time of separation with respect to their assets and debts. To avoid often confusing and sometimes very distressing situations later on, parties are well advised as soon as they have decided to divorce to make an accounting of their assets and debts, with values and balances. Parties should also be aware that courts are prohibited from sharing and distributing separate assets. Parties are free to do what they want. 1996—Gordon v. Whitt, Va. Ct.
of Appeals, Unpublished, No. 0847-95-4Trial Court was wrong on the grounds that a provision in the parties` transaction agreement, which requires the husband to make liable for the “current debt” of a mortgage line of credit secured by a dwelling, limited the spouse`s obligation to the interest incurred on that line of credit, not just the interest and principal debt of that line of credit. , which became due on the subsequent sale of the property. The term “current debt” was clear, despite the parties` differing positions on the interpretation of the term. 2015 — Brandenstein v. Brandenstein, Va. Ct. of Appeals, Unpublished, No. 0249-15-4The Court erred in finding that a provision of a matrimonial settlement contract was not autonomous. The agreement has defined a clear and clear formula for determining sped assistance and defines the amounts to be included in this formula by reference to the husband`s annual returns. Thus, the provision allowed the parties to determine with certainty and without the participation of a court the amounts to be entered into the formula.
Any separation agreement focuses on provisions to resolve the main problems between the parties: property and debt, spos assistance, childcare, visitation and assistance, etc. However, separation agreements generally also have a number of standard provisions that can have very interesting legal consequences. These “boiler plate” rules deal with things like: freedom of interference; Divorce without fail; Legal fees; Enforcement of the law Publication of financial information Reconciliation; Amending the agreement And much more. For more information, please see the provisions of the boiler platform in the Virginia Separation Agreements. The divorce process can take several months, but with a real estate transaction contract, you can resolve several issues as quickly as the day after your spouse`s separation. Also known as a separation contract, a real estate transaction contract is a contract between you and your spouse, which determines the rights and obligations of the parties after the divorce.