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How long do you have to be married in order to be qualified for spousal support?
In Virginia, Spousal Support is determined at a temporary support hearing. Based on the needs of the parties, relative incomes, and expenses. If you are in a Juvenile Court, they often apply the spousal support factors.
What factors are considered when determining spousal support in Virginia?
Determining whether you are entitled to spousal support in Virginia, for how long and in what amount is one of the many challenges judges are faced with in cases of Virginia divorce. Spousal support awards are made with careful consideration of a variety of factors. These factors include: Financial situation – the financial situation of…
What is Reservation of Rights?
Reservation of Right. If both couple makes the same amount of income. If one or both of the party request a Reservation of Right, the court shall grant it. Meaning, he/she hasn't ask for support right now however the right is reserved in the future.
What is Ommited Property in Separation Agreement?
Omitted Property. What happens in an agreement when you fail to mention property that's been omitted in the agreement. Normally, if you fail to discuss it then it's probably going to the person who has title or ownership to the property. One of the clauses you might want to put in your Separation Agreement is…
What isMonetary Transferin Separation Agreement?
Often times your husband may own an asset or business where you don’t really want the asset but you would want the money representing your share of the asset. Let’s assume that it’s a Marital Asset and you have a 50/50 interest. So you gonna ask for a Monetary Award meaning you are going to…
What is General Waiver in Separation Agreement?
One of the options that you and your husband have when writing a Separation Agreement is the option to waive an interest in the others Retirement Plan. Frankly, most of the time, I don’t recommend this to our clients because generally the husband’s retirement is usually greater than our clients retirement. But that is not…
What is Survivor Benefit Plan or Joint Annuity?
Survivor Benefit or Joint Annuity, if your husband has a pension or Defined Contribution or Defined Benefit Plan. He is going to receive certain amount of money a month over his life. But upon his death that plan is discontinued unless you’ve taken an option called either Survivor Benefit Plan or Joint and Several Annuity….
Is there any kind of formula used to determine Virginia spousal support?
Virginia does not have an official, state-wide formula that is used to determine the amount of spousal support that you will receive. However, different courts have developed their own formulas to help quickly, easily, and equitably determine temporary and long-term Virginia spousal support orders. Currently, Fairfax, Richmond, and Harrisonburg use formulas when determining the amount…
What is Defined Contribution Plan?
Defined Contribution Plan, this could be a 401 K Plan, a Deferred Compensation Plan, a money purchased pension plan but essentially there is a specific amount of money that is contributed each year. That is the Defined Contribution part of the plan.In Virginia Law, there are formulas in which this plans are divided. It's called…
How to determine Defined Benefit Plan?
Defined Benefit Plan says upon retirement there is a defined benefit paid out to either you or your spouse.Take the number of years you are married while you were employed over the number of years of employment times 50% times the benefit received.
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