Going through your divorce is a scary and challenging experience to navigate. Aside from dealing with your personal feelings, you must also figure out a way to leave your marriage without risking your financial security.
In this blog, we will explore Virginia’s divorce law and property division processes.
How do Virginia courts divide assets and debts?
In Virginia, the equitable distribution principle guides the courts’ decision on property division. Using this principle, a judge will seek to divide your marital assets and debts in a manner that is fair to both parties.
While every couple’s situation is unique, the judge’s decision over marital property division will be composed of several common factors, including:
- Each spouse’s financial needs
- Each spouse’s monetary contributions
- Each spouse’s nonmonetary contributions
- Each spouse’s income
- Each spouse’s physical and mental health
The court will also determine your debt allocations. However, if you and your spouse have a valid prenuptial agreement that discusses how your assets and debts will be divided if you file for divorce, the court will honor the terms of your document.
What happens to nonmarital assets?
Nonmarital assets or “separate property” pertain to all types of assets acquired by either party before the marriage. These types of assets, including your personal inheritance — are exempt from the property division process.
Any gift that one spouse has gifted for the other is also separate property. Meaning, if your spouse bought you jewelry and other luxury items as gifts, these gifts are yours to keep and will not turn into marital property.
However, there are exceptions to this rule. For example, if you changed the title of one of your inheritances to include your spouse’s, this specific inheritance would turn into a marital property.
With time and patience, you will be okay
Leaving your marriage in pursuit of your own happiness is a brave thing to do, and you should applaud yourself for that. While the beginning of your divorce may seem unpredictable, you must remember that it will not always stay that way.
By embracing the legal process and welcoming the unknown, you can step into your life’s new chapter with open arms.
