Virginia Senate Bill SB418

Virginia 2022 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22

Caption

Division of marital property; military retainer pay.

Impact

Under SB418, courts are granted specific authority to classify and divide marital property and debts based on contributions during the relationship. This legislation emphasizes that contributions, both monetary and nonmonetary, to the well-being of the marriage should be considered in property evaluations. Additionally, the bill enables courts to provide awards that reflect these contributions when distributing assets, impacting both parties' financial futures and sufficiency post-divorce.

Summary

SB418 proposes amendments to the Code of Virginia concerning the division of marital property and debts when a marriage is dissolved. The bill seeks to clarify the definitions of marital and separate properties, establishing rules for how property and debt should be classified when determining rightful ownership during divorce proceedings. A significant aspect of the bill is the treatment of military retainer pay as separate property, which is notable for its implications on the financial outcomes for military members during divorce settlements.

Contention

Points of contention surrounding SB418 revolve primarily around its handling of military retirement benefits and the general principles of fairness in property division. Critics argue that designating military retainer pay as separate property could unfairly disadvantage spouses who may have contributed significantly to the marriage, yet receive less equitable shares of shared assets. Supporters, however, contend that this provision is necessary to protect the rights of service members and ensure that their earned benefits remain intact upon dissolution of marriage.