Property division can be one of the most stressful parts of the divorce process which is why it is helpful for divorcing couples in Virginia to understand how property division is handled where they live. Equitable property division is an important part of any divorce and the more divorcing couples know about the process, the more they can anticipate how to protect their needs and interests during the divorce process.
Property division in Virginia is handled according to equitable property division rules. This means that property will be divided as fairly as possible between the divorcing couple. It is important to keep in mind that, generally, only marital property is subject to the property division process. Marital property refers to property, assets and income acquired by the couple during their marriage.
In Virginia, the family law court will consider several factors when determining how to divide property. Factors the court considers when determining property division include the income and liabilities of each of the spouses; prior alimony obligations of the spouses; the age and health of each of the spouses; the length of the marriage; whether or not the spouses have a pension or expected retirement benefits; if each of the spouses can support themselves financially; the tax consequences of the division of the marital property; and any other factor the family law court considers relevant.
Property division can feel like another overwhelming aspect of dividing up two lives during the divorce process, however, when divorcing couples understand how property division is determined, they are in a better position to prioritize their needs and interests and negotiate a fair property settlement. The family law process is an important resource to help divorcing couples through their property division concerns.
