Virginia Divorce Law: How the Property Is Divided

Now that you and your spouse have decided to live your life separately, it is only right that you get your separate share of significant assets you both have. But deciding who should get what asset can be quite difficult, especially if you have several properties in both names. Moreover, there are assets that must be evaluated to arrive at a monetary value. 

Basis for Property Division

The Virginia Law that governs divorce proceedings specifies that marital property must be divided based using an “equitable distribution” system. This does not automatically mean that the husband and wife will get equal shares. During the divorce process, the couples can agree on what they can consider fair division. However, if they fail to arrive at an agreement, the court will intervene and give them a decision regarding the matter.

Marital Property

Not all combined assets are considered marital assets or property. In a divorce, the property that is subject to division is the one that belongs to the marriage. These include assets that are jointly owned by the spouses and those acquired during the marriage which are not considered separate assets.

Separate Property

Separate property, on the other hand, is the property that belongs to each of the spouse before their marriage. This also includes assets that have been acquired during marriage by inheritance or as a gift from another person except for those gifts given by the other spouse.

There are certain factors that the court considers when dividing marital assets, including the duration of the marriage and the mental conditions of both spouses. To learn more about these factors, a Newport News divorce attorney can help.