Can we keep the house jointly after divorce? Real estate is – sometimes – complicated. I started practicing law actively after the big crash in 2008, but I have been told by several other practitioners who were working at the time that property values meant that people who would otherwise have gotten divorced stayed together. When houses plummeted in value, it meant that people could no longer afford to get out of their homes, let alone find two new places for them to live afterwards. Lots of … [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...]
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...]
The house in Virginia divorce
For many married couples, the home is one of the biggest (if not the biggest) asset. You’re going to have to do some thinking about what you want done with the home after divorce. For a lot of reasons, the home comes with a lot of emotional attachment, and different people have different ideas about what they’d like to see done with it. For many moms, keeping the home is important. There are the memories to consider, of course, but also a sense of continuity for the kids, as well as the … [Read more...]
