For more information on the process of formalizing your agreement, please visit How do I – Apply For Property and Financial Orders and Applying to the court for orders fact sheet. A real estate transaction agreement is a mandatory contract between you and your spouse that describes the terms of your divorce. In its most basic form, it will include asset sharing, debt transfer, custody of children, custody of spouses and children. However, there is no limit to the level of detail and the agreement can be tailored to your individual circumstances. For example, a real estate comparison contract may deal with the sharing of pension accounts, payment for a child`s post-secondary education, the use of certain tax credits, marital housing for the matrimonial home while it is being sold, and the mechanics of daily life. These are just examples, and the possibilities for real estate agreements are truly endless. The duplication of marital property is not an easy task, especially when it comes to emotional ties, not to mention the fact that the question of who actually belongs is not always clear. Before signing a real estate transaction agreement, it is important to understand your marital property rights. For more information, please see the additional resources below. 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. Virginia law states that most property and debt acquired after separation must be considered separate (non-marriage) property. Judges cannot transfer separate property to the other spouse. It is therefore generally preferable for the parties to clarify what they have at the time of separation with respect to their assets and debts. To avoid often confusing and sometimes very distressing situations later on, parties are well advised as soon as they have decided to divorce to make an accounting of their assets and debts, with values and balances. Parties should also be aware that courts are prohibited from sharing and distributing separate assets. Parties are free to do what they want. Real estate settlement agreements work in the same way as a contract, especially in the way they are applied or amended. For a real estate transaction agreement to be valid, it must be written down. In addition, both spouses are required to disclose their financial resources and assets. 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. A third problem with the property in question is the assessment date. The valuation date can sometimes determine the spouse who obtains the property, as a significant change in the value of certain assets can influence their equitable distribution. Several dates can be used, such as the date. B of the trial, date of separation, date of divorce or date of hearing. Once the property is classified and assessed as marital or separate property, the parties must divide them among themselves. An agreement with the other party offers many advantages, such as: Real estate accounts can be generated by the agreement of the parties, subject to the court`s agreement or by court order. After approval, the count functions as a contract for implementation or modification purposes.