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LawTalk
LawTalk, Attorney and Counselor at Law
Category: Family Law
Satisfied Customers: 35306
Experience:  30 years legal experience. I remain current in Family Law through regular continuing education.
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I live in Virginia and wife and I are separating. I understand

This answer was rated:

I live in Virginia and wife and I are separating. I understand that it takes 6 months of being separated before we can file for divorce.

I have a salaried job and my wife earns
income through investing / flipping homes
(she does not have a salary, just profits of
the deals). She has significant cash $150k+
in the bank.

My question is, during this time of separation, do I need to share my paycheck with her and she share her profits with me? Or do we keep them separate?

Good morning Bob,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

It is generally a good idea to have a formal Separation Agreement in place regarding how the income and debts will be handled during a separation.

If your wife earns more than you and has more marital assets tucked away than you do, you don’t want to just part ways each keeping what you earn. Think of this as the prelude to the divorce itself

You will be encouraged to create a Marital/Property Settlement Agreement that will avoid a trial in the divorce, and you may even begin that process now.

The Settlement Agreement is a written contract between the two of you that sets out your rights, duties and obligations arising out of your separation and pending divorce and will generally include such things as the division of your property and cash, spousal support, attorney's fees, and child custody/support issues if you have minor children of the marriage.

You may choose to agree to just keep your own earnings during the separation, or if necessary, if an agreement cannot be made one of you may petition the court for support payments from the other.

You may reply back to me again, using the Reply to Expert link, if you have additional questions.

I wish you the best in your future,

Doug

LawTalk and 6 other Family Law Specialists are ready to help you

Thank you for your positive rating of my service, Bob. It has been my pleasure to assist you and I hope than you will ask for me on JustAnswer should a future need ever arise.

Please feel free to bookmark the following link so you can request me to answer any future legal questions you may have:
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Thanks again.

Doug

When you receive your Customer Satisfaction Survey from JustAnswer, please do rate me highly (9-10) there as well. It would be tremendously appreciated.

I wanted to thank you once again for using JustAnswer, and invite you to contact me again with any questions you might have in the future.

Here is a link to my profile: http://www.justanswer.com/law/expert-lawtalk/

Thank you very much and take care.

Doug