ISSUES YOU FACE IN A VIRGINIA DIVORCE AND SOME STRATEGIES TO HELP
Divorce is an important life event that impacts your current and future personal, professional, and financial life. Here are some crucial issues you will face in your divorce case as well as some strategies to help you protect your assets and secure your family’s future.
Key issues in a divorce case and their impact on you:
- Asset Division: One of the major issues in your divorce will be the division of your assets as well as liabilities. It is important to understand which assets can be categorized as marital assets how your marital assets will be divided. These assets can include real estate, investments, retirement accounts, vehicles etc. Early on in the case, it is important to seek legal counsel regarding the difference between marital and separate assets, whether you have any separate assets, how to preserve your separate assets, as well as how marital assets will be divided in your divorce.
- Liability Division: It is important to know which liabilities or debts incurred during the marriage are marital and which may qualify as your spouse’s or your separate liabilities. Distinguishing between marital and separate liabilities may have a huge impact on your financial future. At a divorce trial, or during settlement negotiations, you will seek to have marital liabilities divided between you and your spouse. Speak to your Fairfax and Loudoun divorce attorney at Khanna law regarding your and spouse’s liabilities or debts and for which debts you may be held responsible.
- Child Support: In Virginia, each parent is responsible for meeting the needs of their child and each child has a right to receive child support. In determining child support, the court will consider parent’s gross monthly incomes; custodial schedule for the child; as well as cost of work related child care, and health care premiums paid for the child. If you are self employed, have a business, or rental income from investment properties, you need to pay special care to how your monthly gross income is calculated. Contact our Fairfax and Loudoun child support attorneys for help regarding initial child support case or child support modification.
- Spousal Support or Alimony: In Virginia divorces, spousal support becomes an issue in divorce when parties have been married for a significant duration and there is a disparity in income between the parties. In a Virginia divorce, courts must first determine whether the party seeking spousal support is barred from receiving it. If the party seeking spousal support is not barred from receiving it, then the Court must consider the factors found in Virginia Code §20-107.1 in order to determine nature, amount and duration of spousal support to be awarded. In Virginia, Courts are allowed to award lumpsum spousal support, as well as durational and non-durational spousal support.
- Custody and Visitation: Custody and visitation are one of the most important issues to be divided in any Virginia divorce. In Virginia, a court decides not only how much time a child will spend with each parent during a year (physical custody) but also who gets to make important decisions regarding the child’s well-being (legal custody). In making the custody determination, the Court has to consider what is in the best interest of the child. In order to determine what is in the best interest of a child, the Court takes various factors into account (outlined by VA Code Section 20-124.3).
Strategies to Protect Your Assets and Your Children’s Future
- Consult with a Financial Advisor: Search for guidance from a financial advisor. They can weigh your situation, set goals, and help with asset protection.
- Create a Comprehensive Budget: Establish an in-depth analysis on your individual and your children’s budget. This will help you make informed decisions about financial matters during and after divorce.
- Maintain Records: Keep thorough records of all financial transactions and assets acquired during your marriage. This documentation can be invaluable during the divorce process.
- Protect Your Credit: Monitor your credit score and ensure that joint financial obligations, such as loans and credit cards, are managed appropriately. Protecting your credit is essential for your financial stability post-divorce.
- Explore Mediation or Collaborative Divorce: In some cases, mediation or collaborative divorce can help you and your ex-spouse reach financial agreements amicably, reducing the financial burden associated with litigation.
- Consider a Prenuptial or Postnuptial Agreement: These legal documents can be invaluable in protecting your assets and defining financial terms in case of divorce.
Seek Legal Guidance
Navigating the financial aspects of divorce, especially when children are involved, can be overwhelming. It’s essential to consult with a knowledgeable divorce attorney who specializes in protecting your assets and your children’s future. We are here to provide legal guidance, negotiate on your behalf, and ensure that your financial interests are safeguarded throughout the divorce process.
At Khanna Law we successfully represent divorce and custody clients all over Northern Virginia counties, including Fairfax, Loudoun and Prince William Counties. To schedule a consultation regarding your divorce, spousal support or custody case, call us at 703-570-4232 or email us at email@example.com.