In Virginia, the division of property is generally referred to as “equitable distribution” and follows a very specific set of rules. A trial court can order the division of property pursuant to a trial but parties have the option of negotiating the division of their property without going to court by entering into a written agreement setting out how their assets and liabilities will be divided. Skilled family law attorneys familiar with the complex Virginia rules regarding equitable distribution and marital property rights are vital in the drafting of separation agreements.
At The Marquis Law Group, we understand the frustration that many divorcing couples feel as they proceed through the legal process. Separation agreements — also known as property settlement agreements (PSA) or marital settlement agreements (MSA) — are the most common agreement or contract for parties who are anticipating divorce. These agreements are typically entered into during the separation period, but can also be drafted prior to separation. This contract addresses issues relating to anticipated divorce, including:
- Custody and visitation
- Child support
- Spousal support
- Division of property
More than 90 percent of people who get divorced enter into separation agreements before the divorce is finalized. These documents, once signed, are binding on the parties and not subject to revision by the parties unless both agree. Courts cannot change the terms of these agreements except in matters related to the children. It is extremely important that you have experienced legal counsel before signing. Our lawyers will explain your legal options and provide the representation you need to smoothly navigate the process.
If you are considering divorce or a separation agreement, schedule a consultation now.