Date Of Separation – Effect on Property Distribution – Virginia

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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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What is Business Goodwill in a Virginia Divorce?

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.