Getting a separation agreement is essential when two parties decide to end their marriage. A separation agreement outlines how each party will separate their assets and liabilities, child custody, and other relevant issues. In Virginia, the Commonwealth`s code allows spouses to enter into a written separation agreement whenever they decide to live apart. Here is an example of what goes into a separation agreement in Virginia:
1. Property division
The separation agreement outlines how the parties will divide their property, including real estate, personal property, and any other assets acquired during the marriage. The agreement should describe how each party will take possession of specific assets and any liabilities incurred during the marriage.
2. Spousal support
If one spouse`s income is considerably higher than the other, the separation agreement can determine if and how much spousal support will be paid. The agreement should specify the duration of support, how it will be paid, and under what circumstances it can be modified.
3. Child custody and support
If the parties have children, the separation agreement should outline the custody and parenting time agreements. It should also specify child support payments, the party responsible for making the payments, and the duration of payments. The agreement should also address the payment of educational expenses, health care costs, and extracurricular activities.
4. Retirement accounts and pensions
If either party has a retirement account or pension, the separation agreement should define how these will be divided. Virginia law provides for the equitable distribution of property, including retirement benefits and pensions.
The parties should agree on how they will file their taxes during and after the separation. It is essential to determine how much each party will pay in taxes and how any tax refunds will be divided.
6. Legal fees
The separation agreement can specify how legal fees will be paid by the parties and who will bear the costs of filing court documents.
In conclusion, a separation agreement is essential for those ending their marriage in Virginia. It ensures that both parties are on the same page about how to divide their assets, liabilities, and child custody, among other issues. With the help of an experienced attorney, the parties can draft a separation agreement that protects their interests while saving them both time and money.