What is the divorce process in Virginia?
To obtain a divorce in Virginia, either you or your spouse must be a resident of Virginia for at least six months prior to filing for divorce. If there are no children from the marriage, you must be separated for a minimum of six months and have a written property settlement agreement before you may file for divorce.
Is VA disability divisible in divorce?
VA Disability Benefits Are NOT Considered an Asset in a Divorce. The Uniformed Services Former Spouses’ Protection Act exempts VA disability benefits from being divided during a divorce. In other words, VA disability compensation is not an asset that a judge can divide as marital or community property.
Can I transfer my VA loan to my wife?
The eligible veteran may apply for a VA refinance loan to buy out the spouse’s share of the home in cases where the couple applied for the VA mortgage together once legally married.
Can I transfer my VA loan to someone else?
VA loans are among the few loans another person can assume. However, you can’t just transfer a VA loan to someone else. You must go through a process with the lender in order for someone else to assume the loan.
Can you pass down a VA loan?
The short answer to this question is no. VA loans are generally for only the veteran, veteran and spouse together or the surviving spouse of a veteran under certain circumstances. Some non-veterans are allowed to apply. The VA official site describes who may do so under the current rules of the VA loan program.
Can I give my VA loan to a family member?
Unfortunately the answer is no on all counts. Dependent children of veterans cannot have the VA home loan benefit transferred to them. Neither can non-dependent children. In short, the VA home loan benefit does not extend to the children of veterans and service members.
What happens to VA loan when veteran dies?
If the veteran dies, the VA does not pay off the loan. They strictly back up the lender, not the borrower. If you are worried about paying your VA loan in full before you die, consider your insurance options. Mortgage insurance is often costly, but can protect your loved ones in the event of your passing.
Will VA finance a fixer upper?
VA rehab and renovation loans offer veterans and service members a low-cost, no-down-payment way to purchase fixer-uppers or homes in need of some extra TLC. Through VA renovation loans, borrowers can finance both the purchase price and necessary repairs, or refinance and repair an existing home.
Does a widow of a veteran qualify for a VA loan?
New law extends VA loan eligibility to more surviving spouses. Now a veteran’s death does not have to be duty-related for the widow to become eligible for VA home loan benefits. Military widows can now be eligible if the veteran was rated totally disabled and eligible for compensation prior to death by any cause.
Can the child of a deceased veteran qualify for a VA loan?
While children of veterans are not eligible for a VA loan, surviving spouses may be eligible if they fall into one of the VA’s three basic areas of consideration.
Does my wife get my VA benefits if I die?
If you’re the surviving spouse, child, or parent of a service member who died in the line of duty, or the survivor of a Veteran who died from a service-related injury or illness, you may be able to get a tax-free monetary benefit called VA Dependency and Indemnity Compensation (VA DIC).
Do VA benefits extend to spouses?
If you’re the spouse, surviving spouse, dependent child, or family caregiver of a Veteran or service member, you may qualify for health care benefits. In certain cases, you may also qualify for health care benefits due to a disability related to your Veteran’s service.