Saturday, July 20, 2024
Divorce

How to Make a Virginia Property Settlement Agreement

Any divorce settlement can be quite a long, tedious, and very expensive process. However, if you can manage to get an agreement for property settlement before the divorce, then it is a matter of relief for you.

The contested divorce lawyers available at John W. Lee, P.C in Virginia can play a very significant role in this agreement preparation. This can also be called your separation agreement, where both of you will agree about property distribution after your separation.

After this property settlement agreement in Virginia, divorcing couples can then decide how they will handle all their divorce-related issues. This agreement document will not only decide about the finances and properties, but also about child custody and spousal support too.

The Property Settlement Agreement for Virginia

This property settlement agreement document may not necessarily be a formal legal document. Both you as well as your spouse can also create this agreement on your own, as long as there is an agreement between you and both of you are ready to sign on that document.

However, you need to include a few key components which are quite important. Particularly, Virginia statutory law generally recognizes marriage agreements as well as property settlement agreements like any legally binding contracts.

Therefore, your agreement for property settlement can become invalid if both parties haven’t been provided with complete disclosure about the assets and liabilities. In the agreement, there must also be a provision to include any property that is discovered after making the agreement.

This section will include any property which may be discovered after making the agreement for property settlement and also its execution. Also, it may suggest certain actions against the concerned party who failed to declare the existence of that property earlier.

Besides that, both of you must hire separate lawyers while drafting your agreement for property settlement. The judge may otherwise declare this agreement as invalid.

Conclusion

As we mentioned in the beginning that divorce is a very expensive, time-consuming, and also emotionally draining process. However, this agreement document is a very beneficial instrument for both the spouses and it can relieve both of you from a lot of stress.

This agreement can save you money, time, and plenty of headaches that generally happen in most divorce cases. Though this agreement may also be prepared by the spouses themselves, however, it is better to involve lawyers who can also protect the interest of both spouses.

Patch Sagan
the authorPatch Sagan