Virginia Division of Marital Assets 

The financial implications of divorce can lead to life-long consequences. These can include spousal support, child support, and property division. Divorce can be a messy process because it is the legal end of a relationship with at least three entities involved, the two spouses, and the government. The more factors in the divorce, the more complicated it becomes.

By meeting with a local divorce attorney, you can get more information about the Virginia division of marital assets process. Make the process smoother by contacting a qualified lawyer today.

Marital Assets Vs. Separate Assets

There are several types of property and debts in a marriage, marital property and debts, separate property and debts, and part marital and part separate property. Marital property is all jointly owned property from the start of the marriage to the separation. Pensions, retirement benefits, personal injury awards, and worker’s compensation awards are all generally considered to be marital property.

Separate Property

Separate property is property acquired before the marriage or specific types of property acquired during the marriage such as an inheritance or a gift. Part marital and part separate property is a very narrow category that occurs when a property that is separate property produces income, but the other spouse helped contribute to the increase in value. For example, a person buys a rental property before marriage and during the marriage, the other spouse helps with repairs on that property.

When marital property and separate property are mixed together, it can become difficult to differentiate what type of property it is. A Virginia divorce lawyer can help you distinguish the type of property you are dealing with and can help sort out mixed finances or services towards the property.

Marital Debts versus Separate Debts

Separate debts are debts acquired before the marriage and after the separation, while marital debts are debts that were incurred during the marriage and before the separation.

Dividing Property between the Parties

The court has the authority to issue property to a specific person, settle with a lump sum, or settle with fixed payments over time. In determining how marital property should be divided in NoVa, the court will look at a number of factors such as:

  • The length of the marriage
  • How and when each piece of property was acquired
  • The grounds for the divorce
  • The age, mental and physical health of each person
  • Monetary and non-monetary contributions of each person to the family
  • The contributions of each person, monetary and non-monetary, towards the marital property
  • If either party used marital funds or property for a nonmarital reason or used it in expectation of the divorce
  • The character of the property, whether it is liquid or non-liquid
  • Each person’s debts and liabilities, the basis for them and how they are tied to property
  • The tax consequences for each person

How a Virginia Divorce Lawyer Can Help You

There are a number of factors to consider with the division of marital assets in Virginia. That is why speaking to a NoVa divorce lawyer can be helpful to understand which factors are in your favor and which ones may be against you.

Also, if you own separate property, your lawyer can help you understand how to fight to keep it as your own property. On the other hand, if you have heavily contributed to the increase in the value of another person’s property, your lawyer can help you fight for your right to the work you have put in.