VIDEO: Robin clears up misunderstandings about the difference between your divorce settlement and your divorce

VIDEO: Robin lays out for you, in clear language, how money and assets are split up in a divorce.

Estimated Reading Time: 3 min read

If you are considering a divorce, you are probably wondering: “How will my assets be divided?”

Most people fall into two categories. The first group assumes that all assets (money and other property) will be split 50%/50%. The second group believes that if they earned it, or if their name is on it, that asset will be theirs for the taking upon divorce.

VIDEO: Divorce is tough enough. Settlement should be streamlined.

Estimated Reading Time: 2 min read

There are 4 primary reasons why older couples are getting divorced. Seeking relief from boredom is a big cause of divorce for silver-haired spouses. When an older couple is getting divorced, known as a “gray divorce”, one or both of the partners is often looking to relieve what they feel is a boring life.

VIDEO: Robin gives step by step instructions on how to modify child support after you are divorced.

Here are the step-by-step instructions you need to know to modify your child support post-divorce in Virginia.

When valuing a small or family-owned business in a Virginia divorce, parties need to be aware of the concept of “goodwill.” Goodwill is divided into two main types: personal goodwill and professional goodwill. Though sometimes hard to tease apart, once a judge determines how much of each type of goodwill is contributing to the value of a divorcing-spouse’s business, that ruling can be monumental to the financial well-being of the husband and wife.

Settling a divorce case in Virginia, where one of the parties owns a business, can be extremely challenging. Businesses are considered “property” and, just like a house or a retirement fund, are divisible upon divorce. Therefore, in a mediated divorce settlement, the value of a family business must usually be quantified in order for both parties to make informed decisions with regard to which party retains which asset/liability post-divorce.

For many years, the courts and bar have been trying to figure out the best way to equitably (i.e. “fairly”) divide and distribute the equity value of a divorcing couple’s residence (and other real estate) when there has been a commingling of marital and separate (non-marital) funds[1]. Once property has been “commingled”, it is usually looked upon, by Virginia Courts, as “hybrid property” (part separate, part marital property). Hybrid property questions, when it comes to the marital residence and real estate in general, often arise in the following situations: If one party uses his or her pre-marital cash as the down payment on the marital residence, does he or she get that money back when there is divorce? If the party making the down payment, out of premarital money, is to get that money back in a divorce, is there a fair calculation available to figure out how much that original down payment is worth today? How is money earned during the marriage, which is used to pay the monthly mortgage bill (plus homeowner’s insurance and real estate taxes) accounted for when the equity value of the marital residence is divided and distributed in a divorce? How are improvements to the marital residence accounted for? What is the effect on the division and distribution of the equity in the marital residence, upon divorce, if one party uses his or her separate (non-marital) funds to pay for improvements to the residence? What happens when one party owns a home prior to the divorce, which is then utilized by the parties as their marital residence and, while the parties are married, the mortgage, etc.