A common challenge for divorcing couples is how to divide their property. For many couples, one of their concerns is whether their marital property will be divided equally, 50-50, between each other. Our Suffolk County divorce lawyers explain the law below.
How Property is Divided in a Virginia Divorce:
The property division process in a Virginia divorce is called "equitable distribution," which does not always mean that there is a 50/50 split of marital assets. The court will look at many factors when dividing property.
These factors may include:
- The duration of the marriage,
- the monetary and nonmonetary contributions of each person to their family and property,
- the unique circumstances surrounding their divorce, and
- any other factor the court deems relevant to the case.
During property division, valuation is critical to the process. This means that the value of martial, separate, and hybrid property must be determined first in order to allow for a fair and equitable distribution of assets. An experienced Suffolk County divorce attorney has the knowledge and resources to present an accurate and reasonable picture of your assets' value to the court.
Learn more information on who gets the house during a divorce in Virginia.
Defining Marital Property
Marital property is assets acquired during your marriage. This may include a family home, income, debts, etc.
Other marital property includes the following:
- Retirement account funds acquired during your marriage
- Any investments made during the marriage
- Vacation property accrued during the marriage
- Business assets acquired during the marriage (like a family business if it wasn't protected by a prenuptial agreement)
- Furniture acquired during the marriage
- Jewelry, art, or collectibles acquired during the marriage
Speak to an Experienced Virginia Property Division Lawyer
Property division in a Virginia divorce has many aspects that can be challenging. The family law attorneys at Bush & Taylor, P.C. can help represent your interests and protect your future when it comes to divorce and property settlement outcomes.
Request a consultation by calling our Suffolk County divorce lawyers today at (757) 926-0078