You may have a proposed agreement in front of you that addresses the house, retirement accounts, and other property. This can feel like a major step forward. However, before you sign, it is worth knowing what those terms could mean for your financial future. Attorney Li-Shann Durst focuses on the preparation of property settlement agreements, and she can help you understand the agreement and identify issues you may not have considered.
What Does a Property Settlement Agreement Cover in Virginia?
A property settlement agreement is a contract that can resolve financial issues arising from separation and divorce. It may address property and debt, spousal support, and attorney’s fees.
Virginia law allows spouses to reach their own agreements rather than asking a court to decide every issue. Once you sign an agreement, its terms can carry significant legal consequences. Understanding those terms beforehand can help you avoid unexpected problems later.
What Assets Cannot Be Touched in a Divorce in Virginia?
Virginia distinguishes between marital, separate, and hybrid property. Separate property generally includes assets acquired before marriage and after the date of separation. It also includes certain inheritances or gifts received from someone other than a spouse. Separate property can become partly marital if it is commingled with marital property or marital efforts increase its value.
Determining whether an asset is separate is not always as simple as asking whose name appears on that particular asset. Li-Shann Durst, an attorney located in Ashburn, VA, can evaluate how Virginia’s equitable distribution rules may apply to your particular circumstances.
Should an Attorney Review Your Agreement Before You Sign?
Even when you and your spouse have reached a proposed agreement, an attorney can identify provisions with consequences you may not anticipate. This can be particularly important with real estate, retirement benefits, investments, or substantial debt.
Unresolved issues also do not automatically mean going to court. Negotiation, mediation, and collaborative law can facilitate constructive communication and focused cooperation as couples work toward resolving financial matters outside the courtroom.
What Should You Do Before Signing?
At the Law Office of Li-Shann Durst, PLLC, Attorney Li-Shann Durst helps individuals and families throughout Northern Virginia navigate family law matters with a focus on reducing conflict and finding practical, respectful solutions. Whether your situation involves divorce, custody, support, or another family transition, understanding your options can help you make informed decisions about what comes next.
Before you sign an agreement that could affect your financial future, consider having Li-Shann Durts, Esq. review your property settlement agreement. Schedule a consultation or call 703-443-4762 to discuss your agreement and any questions you may have.
