Not unlike June 6, 1944, its impact is far-reaching.
Dependent upon the laws of the state in which you reside, the actual Date of Separation is quite critical and can have a dramatic effect on things such as credit, pension benefits, and other marital assets.
From this date on, you and your ex-spouse to be are now in limbo both legally and financially, and will retain such status until such time as the actual Date of Divorce.
During this time period, there is quite literally a potentially large amount of money at stake, depending upon you and your spouse's particular situation.
It is common for a divorcing couple to decide about dividing their property and debts themselves (with or without the help of a neutral third party like a mediator), rather than leaving it to the judge.
However, if a couple cannot agree, they can submit their property dispute to the court, which will use state law rules to divide the property.
This case justifies the right of the trial court to use its discretionary power for evaluating the marriage termination date based on specific circumstances of the case.
The trial court’s determination of a valuation date for distribution of marital assets, other than the actual date of divorce is within the discretion of the trial court and cannot be disturbed on appeal absent an abuse of discretion. 1997), the decision of the trial court to decide a certain de facto marriage termination date for purposes of asset distribution was considered to be an abuse of its discretionary power.
Courts divide property under one of two basic schemes: community property or equitable distribution.
Debts are divided according to the same principles.
You may still be held responsible for any debts incurred by your spouse after the DOS; the value of a retirement plan or other marital asset such as residential property can go up or down, often by thousands of dollars, contingent upon the applicable laws of your home state.
Exactly what determines the actual Date of Separation varies among the different states.
It must be signed by both spouses and is a binding and valid contract.