We talked the other day about debt when it is marital and how it is often divided in a divorce. But marital ASSETS are categorized as either separate or marital before they are divided – so what happens in the event that debt is separate? It’s a good question. Typically, separate property is anything that...
Virginia Separate Debt in Divorce
Though we talk a lot about division of the assets, we often spend a lot less time talking about division of debt. Even though dividing debt is always an important part of a divorce, it tends to take a backseat – not because it’s not important, but probably more because it’s a whole lot less...
If you have a trust fund or received an inheritance – whether before, during, or after your marriage – one of your big concerns when it comes to separation and divorce is probably how to adequately protect that asset. For many families, divorce marks a major turning point in their lives, especially as it relates...
In a divorce, we divide marital property. What constitutes marital property can vary from state to state, so you should familiarize yourself with the laws in your particular state – or Commonwealth, as in the case of Virginia, where I practice. Though I imagine that the words may vary but the specific application is similar...
The worst cases are the ones where there’s really nothing to divide but debt. It’s not that it’s hard; in fact, it’s no harder to divide debt than it is to divide most other assets (and it’s easier than some, like 401(k)s). It’s mostly that, at the end of the day, absolutely no one is...
I was talking to a woman the other day who sort of surprised me. “I have ADHD and Asperger’s,” she said. “I know it’s not always easy, and people get frustrated with me. Would you firm be able to work with me?” I was surprised she asked, for one thing. Though many of us have...
I’m always surprised at just how many people maintain separate bank accounts throughout the entirety of their marriage. Though I definitely understand the desire to keep things separate – and maybe to share expenses in a mutually owned household account – I do think that it often causes confusion about what is marital property...
You credit score is probably one of those things that you don’t think about all that often. After all, it’s not like it’s something that you need to use very often. In a divorce, though, I’ve found that it’s often one of the first things that slips. Almost immediately after the parties start to...