This form is a Separation and Property Settlement Agreement. The parties have agreed to a separation due to irreconcilable differences. The agreement also apportions certain property items between the parties. Each party agrees to release and quitclaim his/her right, title, and interest in each item that is apportioned to the other party.
West Virginia Separation and Property Settlement Agreement
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Multi-State
Control #:
US-01714-2-AZ
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Word;
Rich Text
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FAQ
A marital separation agreement, also known as a property settlement agreement, is a written contract dividing your property, spelling out your rights, and settling problems such as alimony and custody.
Separate property defined. (6) Any increase in the value of separate property as defined in subdivision (1), (2), (3), (4) or (5) of this section which is due to inflation or to a change in market value resulting from conditions outside the control of the parties.
The house cannot be physically split in half, so one party can keep it, it can be sold, or it can continue to be co-owned. The marital home is a significant piece of property in a divorce because it is usually the largest and most expensive asset you own.
Generally, marital property consists of all debts and assets acquired during the marriage, and separate property includes: Property acquired prior to the marriage or after a legal separation. Property acquired with separate property.
Depending on factors like whether a couple pursues a contested or uncontested divorce and how long litigation takes, the length of a divorce will vary. However, the average time it takes to resolve a divorce in West Virginia is about one year.
West Virginia law is very clear that in fault-based divorces, the judge shall (must) take adultery into account when making alimony decisions. The judge can adjust the amount or duration of an alimony award when a spouse has committed adultery.
Equal division of marital property. Except as otherwise provided in this section, upon every judgment of annulment, divorce or separation, the court shall divide the marital property of the parties equally between the parties.
However, it is possible for property that was originally separate to become marital property through a process called commingling, which essentially means using the separate property as though it were marital.