If you`re searching for a Virginia Separation Agreement Sample, you`re likely in the midst of a difficult time. Separation can be a hard decision to make, and it`s important to prepare yourself for the legal process that follows. That`s where a separation agreement comes in. Also sometimes called a marital settlement agreement, it outlines the terms of your separation, including how you`ll divide assets and debts, who will retain primary custody of children (if applicable), and more.
While it`s always advisable to work with an experienced family law attorney when creating a Virginia Separation Agreement, reviewing sample agreements can give you an idea of what to expect and help you better understand the process. Keep in mind that each agreement is unique and tailored to the individual circumstances of the parties involved, so be sure to consult an attorney to make sure you`re covering all of your bases.
Before diving into a sample agreement, let`s go over some key terms you`ll likely come across:
– Equitable distribution: In Virginia, marital assets and debts are divided fairly and equitably upon separation.
– Custody: This refers to legal and physical custody of any children involved in the separation.
– Child support: One parent may be required to pay child support to the other to help with expenses related to the children.
– Spousal support: Also known as alimony, this is financial support one spouse may be required to pay the other following the separation.
– Mediation: A process in which a neutral third party helps the separating couple come to an agreement outside of court.
Now, onto the sample agreement. This is just an example and should not be taken as legal advice:
[Parties` Names], hereinafter referred to as “Husband” and “Wife,” hereby acknowledge and agree that they have been living separate and apart since [date]. The parties hereby agree to the following terms of their separation:
1. Equitable Distribution: The parties agree to divide all of their marital assets and debts in a fair and equitable manner. Husband shall retain ownership of the marital home, with a corresponding mortgage and home equity loan. Wife shall retain the family car and shall assume the car loan. All other property, including bank accounts and retirement accounts, shall be divided equally between the parties.
2. Custody: The parties shall share joint legal custody of their children [Child 1] and [Child 2]. Wife shall have primary physical custody, and Husband shall have visitation rights every other weekend and one night per week. The parties shall work together to make major decisions regarding the children`s health, education, and welfare.
3. Child Support: Husband shall pay to Wife child support in the amount of $X per month for the support of the children, beginning on [date]. This amount shall be subject to review and modification by the court as circumstances warrant.
4. Spousal Support: Husband shall pay to Wife spousal support in the amount of $X per month for a period of [number] years, beginning on [date].
5. Mediation: The parties agree to participate in mediation to resolve any disputes that may arise during the separation process.
Remember, the terms of your separation agreement are unique to your situation. It`s important to seek legal advice and guidance from an experienced family law attorney to ensure that your agreement addresses all of your needs and is legally binding. A Virginia Separation Agreement Sample can be a helpful resource, but it`s just the first step in the process.