Virginia Divorce ~ Pensions and Marital Debts
Pensions are marital property that were earned during the marriage, before separation. The marital share is a percentage, based on a ratio of months of marriage in which pensions were accrued in comparison to all months of unmarried or separated pension earning. Courts typically divide the marital pension share in half. Specific federal laws may apply in deciding military pensions. In some cases when parties settle out of court, each party may keep their own pension with no added changes.
Also divided during the property settlements of a marriage dissolution are the debts that the couple, or each spouse has incurred.
Factors that are included in the courts decision to divide debt include :
~ The debts and liabilities of both spouses, separately
~The basis for the debts and liabilities for each spouse
~ The property used as security for the debts and liabilities of each spouse.
The court can order payment of each spouses debts ( whether they are joint or separate ) incurred before the dissolve of the marriage using the above said factors. Both spouses remain responsible to creditors for all debts incurred during the marriage unless the creditor is willing to let one spouse refinance after the divorce is final.
Source : Virginia State Code