Deciding who gets what in your Virginia divorce could become one of the most stressful parts of ending your relationship with your spouse, particularly when it comes down to dividing your personal property. You need to set aside the emotional value you place on such items so you do not end up cheating yourself in the agreement, but you also need to establish a real financial value to ensure that everything is fair. According to the Journal of the American Academy of Matrimonial Lawyers, this may require a valuation expert.
Posting on social media may be second nature to you, but when it comes to Virginia divorce proceedings, your online life may come under scrutiny not only by the public but also by the court. This is particularly true for high-profile couples who are already receiving a great deal of media attention.
Property division during a divorce can be tricky, particularly among older couples who have developed significant and complex assets over the years. If you have contributed to a retirement fund during the marriage, that account may be subject to Virginia's equitable distribution requirements. At Donna Dougherty Law PC, we have helped many clients navigate the intricacies of protecting high-value assets.
Hidden assets are a common occurrence in many marriages. When the relationship comes to an end, however, it is likely that any financial deception will be unearthed with severe consequences not only during the divorce but also when tax season rolls around. Thus, it is essential that Virginia couples provide a clear, consistent and honest account for all assets and debts during divorce proceedings.
When marriage comes to an end, Virginia spouses should expect equitable distribution of assets, including offshore accounts. In the past, many foreign accounts have been sheltered from both taxation and division during divorce, but a federal crackdown has made these assets harder to hide.
When it comes to distributing property during a divorce, Virginia law follows the principle of equitable distribution. This holds true for retirement plans, such as pensions and 401(k)s, as well as other monetary assets. The process of dividing a 401(k) can cause turbulence for both parties, particularly in a high-asset divorce.
It might be all but impossible for anyone in Virginia or the rest of the country to be unaware of the fact that two of Hollywood's biggest celebrity's have recently entered into the process of a major divorce. Once the gossip magazine headlines are pushed to the side, it can actually be beneficial for non-celebrity couples to actually take a moment and learn a few things from this highly publicized and seemingly like-no-other divorce. The fact of the matter is that even a celebrity divorce can be very much like any other couple's divorce.
Every calendar year is full of different seasons that Virginia residents recognize and are affected by. There are the obvious changes in weather patterns that may affect everything from what activities you participate in to what clothing you wear. You may even have a favorite type of food for different seasons. Weather aside, there are other things that provide a cadence to life and some of these are things that are not everyday events but that do affect everyday life.
For many people getting divorced in Virginia, the process of evaluating a marital estate and coming up with a property division settlement that is agreeable to both parties can be filled with angst. This process can be especially difficult if you have a mix of joint and separate assets. Understanding how the state approaches these settlements is important for you as you embark on your divorce.
If you are like most people who get divorced in Virginia, just dealing with the basics of the actual divorce can leave you feeling like you've run a marathon. It can be extremely taxing to deal with asset valuation and division, agreements on who will have what time with the children, whether or not you will need to pay or will receive spousal support and more. However, as much as you may want to be done with your divorce after you sign on the dotted line, there is more you should do.