In the case of Cabral v. Cabral, the Virginia Court of Appeals, in a published opinion, ruled that the trial court committed an error by reopening a case and equitably dividing a $1.85 million dollar account receivable of a real estate holding company in which husband held a 50% interest. Even though the parties entered a "Final and Permenant Separation, Custody, Support and Property Settlement Agreement" which contained the following language "[t]he parties acknowledge that all assets have been disclosed and they are referred to in this Agreement. Any undisclosed or omitted assets shall be subject to an equitable distribution hearing and this matter may be reopened as to such property", the trial court should not have reopened the case and equitably distributed the account receivable even though it was never disclosed because the account receivable was an asset owned by the real estate holding company and not directly by the husband. Property which is owned by third parties it not marital property subject to equitable distribution.
-Rob Hagy, Charlottesville Divorce Lawyer. For help with issues like that faced by the parties in this case or for help with other divorce related issues, please contact me at (434)293-4562 or email me at [email protected]. For more information, visit us on facebook at Charlottesville Divorce Lawyer.
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