How is debt divided in Virginia divorce? After the market crashed in 2008, we handled a lot of cases where there was more debt than anything else. It was terrible. Houses were underwater, and I’ve never seen such high credit card debt. In fact, at that point, it seemed like a lot of people decided to stay together because they really couldn’t even afford to divorce. As the market has picked back up, so too have the number of divorces. I mean, I get it. If you’re going to lose too much, it’s … [Read more...]
Bankruptcy and Divorce
Bankruptcy and Divorce If you have more debts than assets and you feel like you’re drowning, it may be that divorce shouldn’t be your first thought. Let’s break it down a little bit. Because, of course, financially, divorce CAN help, especially if there are some issues (like his general extravagance) that you want to get out from under. But what is divided in divorce, and how can it help your overall financial picture? How are debts divided in divorce? Typically, debts that were incurred … [Read more...]
To keep, sell, or refinance the house in Virginia divorce
To Keep, Sell, or Refinance the House in Virginia Divorce Real estate is easy. Either one or the other of you keeps it, in which case you refinance the mortgage to remove your spouse from liability, or you sell it and split the proceeds. There’s not a lot of options, so we can often cut to the chase pretty quickly. I want to keep the house. Great! I get it. It’s an emotional thing. You’ve had some good memories there – where you brought your kids home from the hospital, where you watched … [Read more...]
Vacation Homes and Divorce
Equitable distribution is the fancy way we describe how property is divided in the Virginia divorce process. Under equitable distribution, the court looks at all a couple’s assets (the things that are worth money) and liabilities (yes, your debt gets divided, too!) and makes a determination about what each former spouse should take away from the marriage. How are assets and debts divided in Virginia? There are two ways that assets and debts can be divided in Virginia divorce. Either an … [Read more...]
His, Hers, Ours: Classifying Property in Divorce
When you’re happily married, everything is “ours”. But as soon as one of you starts talking about a potential separation, it’s funny how many things suddenly become “mine” – especially from a man’s perspective. I’ve only ever represented women only in divorce and custody cases, so I can speak most easily and comfortably about a woman’s mindset. For the most part, women aren’t the ones saying, “That’s mine.” Women, in general, are much more giving and understanding of the fact that what was … [Read more...]
Keeping the House in Virginia Divorce
In a divorce, there are often a lot of assets, but none quite so big (or emotional) as the marital home. Most women who come meet with me have really strong feelings about what they’d like done with the house. Whether they want to keep it, sell it, are hoping for a short sale, or something else, it’s important to deal appropriately with the house. Sure, there are a lot of assets tied up in retirement, too, but in many ways, in Virginia at least, dealing with retirement is easy. In some … [Read more...]
Selling the marital residence in Virginia divorce
In many marriages, the house is the biggest asset. In others, it can be the biggest liability. Either way—asset or liability—the way the house is handled in divorce is a really big deal. Whether you want it, he wants it, or you just want it gone, the marital residence is a biggie. Whether you want it, he wants it, or you just want it gone, the marital residence is a biggie. Whether it was the home you brought your first child home to, the first big purchase of your adult life, or just the … [Read more...]
Prenuptial Agreements and Virginia Law
Let me just say this: prenuptial agreements aren’t all that common. And, if your soon to be husband has presented you with one, you have three options: 1. Sign it as is, and hope for the best. (Generally not recommended.) 2. Don’t sign it. Walk away, and hope he’ll marry you anyway—but with full knowledge that this may be the end of your relationship. 3. Negotiate a better result. I don’t like prenuptial agreements for a lot of reasons, but, most specifically, (and the one that’s resonating … [Read more...]
Student Loans and Divorce
Student loans are a reality of the world these days and, if you’ve got them, you’re definitely not alone. (In fact, you’re preaching to the choir.) In fact, these days, more people have student loans than don’t have them, and the average amount of debt each person carries is greater than ever before. It’s pretty staggering, in some cases, how much loan debt one person can carry. We can debate the ethics of lending so much money to students pursuing careers that will ultimately leave them unable … [Read more...]
He’s taking money out of our IRA! What should I do?
All sorts of different things spur women to take action in their divorce cases. One of the more common things I hear is that a husband has taken a withdrawal from an investment account, usually without wife’s knowledge. Usually, these women come in, panicked, thinking that because of their husband’s sneaky behavior that there’ll be less to distribute in the divorce. In some situations, that can be the case. It is possible that he has wasted enough of the assets, over a long enough period of … [Read more...]
