Divorce is a hard situation to go through, and the reasons for your divorce may be causing you to feel angry, regretful, disappointed, and frustrated. On top of this, you also have to make several life-changing decisions during your divorce case. One of the most crucial decisions you and your ex will have to make is how to split your property.
Property Division in Virginia
In Virginia, divorce courts strive for an equitable division of marital assets. This does not mean that money, property, and other assets are divided equally; instead, it means that the court considers multiple factors when deciding who gets what assets after the divorce. The primary reason the court does this is to ensure fairness between each party, which will look different for each couple.
There are two types of property considered in a divorce - marital and separate property. Marital property is the assets each spouse acquired during the length of the marriage, while separate property is any assets acquired before the marriage. Only marital property will be subject to property division.
What the Courts Will Consider
When determining how assets are divided, Virginia courts look at multiple things to determine an equitable distribution. The court will look at the following factors:
Each party’s age
Earning capacity of both parties
The amount of property and money acquired during the marriage. In most instances, any property that each person owned prior to the marriage will not be considered marital property and thus not subject to division.
However, if your spouse made an investment prior to the marriage which grew in monetary value or net worth, you may be entitled to some of the proceeds from it since the extra money was obtained during the marriage.
In dividing the property, the courts will also consider factors such as economic mismanagement. If your ex was wasteful or fraudulent in the handling of finances, the judge may give them a lower percentage of the marital assets.
Re-building your life after the divorce will require time and resources. A Suffolk divorce lawyer will help you ensure that your share of the marital assets is fair and adequate. The attorneys at Bush & Taylor will protect your financial rights during this difficult process.
Call us today at (757) 926-0078 to speak with our Suffolk divorce lawyers!