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Distribution
of Property
Marriage in Virginia
is recognized as a partnership in which each party contributes, monetarily
and nonmonetarily, to the well-being of the family. Virginia is not a community
property state, and therefore the marital relationship does not result in
the husband and wife automatically owning half of the property of the other.
In an uncontested divorce, the husband and wife agree on a division of the
property, as well as child custody and support issues. If the divorce is
contested, the court is empowered to grant monetary awards based on the
fair apportionment and valuation of marital property. During this process
of "equitable distribution," the court may consider the contributions of
each spouse to the property, the contributions of each spouse to child care
and homemaking, the financial resources and needs of each spouse and the
income and career potential of each spouse. Your attorney can help you obtain
a fair division of property and help you avoid overlooking valuable assets
such as pension rights.
Payment
of Debts
You and your spouse can
assign responsibility for your debts in a separation agreement. If you are
unable to agree on a division of responsibility, the court will probably
apportion them in accordance with the same kinds of considerations used
to divide the property of your marriage. Your attorney can help you obtain
compensation from spouses for failure to pay debts that are their responsibility.
Tax
Considerations
A divorce has important
tax consequences. Custody can affect your taxes, including your right to
claim head of household status, dependent exemptions, and child care credit.
The property division may also affect your taxes. Your lawyer can advise
you about some of the tax aspects of divorce, but you should also seek advice
from a tax accountant.
This Web site
provides general information only. Laws develop over time and differ from state
to state. This Web site does not provide legal advice about specific legal problems.
Let The Law Firm of Evan H. Farr, P.C. advise you about your particular situation.
Copyright
(c) 1995-2004 The Law Firm of Evan H. Farr, P.C. All Rights Reserved
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