How are Assets Divided in Divorce

Estimated Reading Time: 3 Minutes 30 seconds
Dividing and distributing assets in a Virginia divorce is a four-step process:

Identify and determine ownership of the asset;
Determine the value of the asset;
Classify the asset (does it belong to the marriage or to an individual spouse); and
Reach mutual agreement on how the asset will be divided using the law as a guideline, being mindful of tax implications, and assessing fairness considering a variety of factors, both financial and non-financial.

Date Of Separation – Effect on Property Distribution – Virginia

Estimated Reading Time: 4 Minutes 20 seconds
In a Virginia Divorce, Judges Only Divide Marital Assets Acquired Before Separation
In a Virginia divorce, judges have the power to divide and distribute assets and debts that were acquired during the marriage, known as “marital property” (a legal classification). The term “during the marriage” is defined as beginning at the date of the couple’s marriage and ending at their date of separation (not the date of divorce, as most people believe).

Judges, in a Virginia divorce, do not have the power to divide and distribute assets and debts which were not acquired during the marriage, known as “separate property” (a legal classification). The term “separate property” includes assets and debts acquired prior to the marriage, after the parties’ date of separation, and acquired by inheritance or gift.

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How Does Spousal Support Work in Virginia?

Estimated Reading Time: 8 min read

Virginia Code

Virginia statutory law speaks generally of the criteria that a judge must consider when deciding an alimony case. However, the listed criteria give almost no guidance to the courts when making a determination as to “how much” spousal support is to be paid and “for how long” spousal support should last.

Tax Effects of Alimony (Spousal Support) | New Tax Rules as of 1/1/2019 under the TCJA

Estimated Reading Time: 8 Minutes 50 seconds
Starting Jan 1, 2019, the long-standing tax rules associated with alimony have significantly changed, and alimony is no longer tax deductible by the payer; nor is it taxable to the receiver. The new law, however, does not apply retroactively.

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