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.
How Do Virginia Courts & Mediators View Equitable Distribution When a Husband and Wife Commingle Separate (Non-Marital) and Marital Property?
In Virginia divorce law, there is a lot of confusion when it comes to the division and distribution of property when the divorcing couple does not agree on whether that property is “marital property”, “separate property” or a combination thereof (known as “hybrid property”). This confusion is unfortunate because how property is classified is extremely important in terms of what is on and what is off limits to Virginia judges when they make their “taketh and giveth” decisions.
It Happens Fast
When you are negotiating the custody & visitation portion of your Divorce Settlement Agreement, you will need to keep teenagers in mind, even if your children are still very young. As any parent of a teenager will tell you, your kids will become young adults before you know it.