Recently divorced in Virginia and am curious as to what the process for property division is? Here is all you need to know about diving property in a Virginia divorce.
How is property divided during a divorce in Virginia?
Virginia follows equitable distribution laws when dividing property. The property is not divided evenly but other factors are taken into consideration and divided in the way that is thought to be most fair between the parties. The couple’s finances and financial statement before the marriage, including assets, are taken into consideration when determining who gains which property
How to divide property without court involvement?
- Compile all properties relevant to both parties (often helpful for the parties to make a list to stay organized).
- Engage in property valuation to figure a price point for all properties listed.
- Figure out if the parties can agree on a logical owner for each property, if not the interference of the court or a third party may be needed to consider relevant factors and make a decision.
- Gain approval from the judge.
Related: How Domestic Violence Affects Divorce in Virginia
What is considered marital property in Virginia?
A legal definition of marital property is a joint property that has been obtained from the start of the marriage to the end. Essentially all property other than separate property.
What happens to the marital debt?
Marital debt includes all liabilities developed during the duration of the marriage. The court divides the entirety of marital assets. If the debt is owed to private lenders, the court does not have discretion over their means of gaining repayment.
What factors should be considered when dividing property?
After the judge has evaluated the property the court will base its decision on the following factors:
-both spouses’ contributions to the marriage, including the maintenance of the property and the general well-being of the marriage.
-the duration of the marriage
Related: Virginia Divorce FAQs
-the age of both spouses, including any underlying health conditions which could be affecting either their mental or physical state
-the situation in which the marital property was acquired, including time and those involved
-the debts and liabilities each spouse has brought into the marriage
-the value of all the property brought into the marriage
-property tax outcomes
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