When it comes to getting a divorce in Virginia, many couples wonder how their assets will be divided. Many stated divide assets equally – meaning that property is split 50/50 between the couple. However, Virginia does not.
In the state of Virginia, marital assets are divided equitably. This means that property is divided in a way that is considered fair, based on numerous factors concerning the marriage, and individual circumstances.
At Slovensky Law, we have helped manage the division of simple and complex marital property and assets, fighting tirelessly to protect our client’s interests during their divorce. Here’s what the process looks like.
How does equitable distribution of marital property work in Virginia?
If you and your spouse are looking to get a divorce in the state of Virginia, you will have to find ways to equitably distribute your property. In other words, property and assets need to be divided in a way that is fair to both you and your spouse.
Some couples choose to come to this agreement on their own, but that can be risky.
A safer way to ensure you receive the assets you deserve in your divorce is to hire a qualified Virginia divorce attorney, such as our team at Slovensky Law. This way, we can work with you to ensure your interests are protected and work to develop an agreement that is both fair and favorable.
How is equitable distribution determined in Virginia?
There are several factors that come into play when determining what is equitable when dividing assets, including but not limited to:
- The earning potential of both parties, along with their current monetary and non-monetary contributions
- When and how the property was acquired and used
- The length of time married
- The age and health of each spouse
- Individual and marital debts – along with any debts on the property
- Tax consequences that correspond with property distribution
- Any actions taken to decrease property or asset value
The reason behind the divorce can also play a part.
In Virginia, when looking to divide marital property, what type of property qualifies?
In the state of Virginia, equitable distribution applies to all marital property. So, any property or assets built during the marriage will be up for consideration. Under certain circumstances, premarital property can come into play, and a good divorce attorney will analyze all assets to determine if they are marital or separate.
So, if the property was purchased or an account was in place prior to the marriage and remained separate during the marriage, is usually not required to be included in the distribution.
Ownership of a business is more complicated. A business may or may not be considered marital property, depending on when the business started, and the role each spouse played within the business (if any).
The importance of hiring an experienced attorney when getting a divorce in Virginia
Property division during a divorce can significantly impact your future. You need an attorney that will take the time necessary to understand your priorities and goals and view your financial picture as a whole.
Anyone who’s ever dealt with important family matters such as divorce knows that these cases can get ugly and can sometimes drag on for a long time. Often, emotions run high as a person’s or a family’s future changes forever.
And finding the “right” lawyer to help you best navigate these issues can be tricky.