Although a lawyer is not technically required in divorce proceedings, each spouse should receive separate legal assistance when there are divorce issues that can be challenged, property rights must be established or custody of the children is contentious. The same lawyer cannot represent both parties in a divorce case because there will be a conflict of interest. The main advantage of a real estate transactional contract is that it allows you and your spouse to decide the terms of the divorce instead of a judge. If no minor children are affected, the mandatory separation period is also reduced from one year to six months. Finally, a real estate transaction contract is useful for making decisions on situations in which the court is not entitled to judge you. The husband and wife acknowledge that each entered into this agreement in good faith, without undue coercion or influence. Everyone understands their right to seek independent advice on this agreement and everyone has had the opportunity to seek independent advice before the agreement is signed. THEREFORE, in exchange for reciprocal promises in this content, we agree to live separately and share our assets and finances according to the terms agreed upon by mutual agreement: In a fair division of the matrimonial estate, the courts may order cash bonuses to one of the parties, who shares the property, sells the property or transfers the matrimonial property to one of the parties. Courts can also apportion liability for marital debts. Under Virginia`s “fair distribution” system, the court is not required to distribute marital property or debt on an equal basis. Instead, the court will consider various factors listed in the status of the Virginia Equitable Distribution, including the relative monetary and non-monetary contributions of each party to the welfare of the family and the acquisition and care of marital property. Pensions and pension plans accumulated during the marriage are also subject to distribution by the court as part of its equitable distribution.
However, the law does not allow any of the parties to collect more than half of the amount of the other party`s pension plan that accumulated during the marriage. (4) This agreement must be a definitive provision of the subjects dealt with and can be used as evidence and incorporated into a final decree of divorce or dissolution. Note: This form only deals with property issues in divorce proceedings, in which the parties agree on how to distribute the property. Other issues that may arise during divorce, such as assistance to children or spouses, custody/visitation or distribution of property, where property interests are disputed, are not addressed. It is always recommended to consult a lawyer before signing an agreement related to your real estate interests so that you have a complete understanding of your rights, including all marital property rights that you acquired during the marriage. As you go through the process of separating your other important, you must make several difficult decisions, including how you can assign your property. If you need help developing or verifying a real estate transaction contract or if you have other questions about the divorce process, it may be in your best interest to contact an experienced divorce lawyer near you.