Property division is one of the issues that will need to be worked out during the divorce process. It is helpful for divorcing couples in Virginia to understand how property division is handled according to the law. Divorcing couples likely have many property division questions.
Reaching a property division settlement agreement during a divorce can be a challenging process for many couples, however, family law resources may be able to make it a little simpler. When couples understand how property division is handled, it can help them know what to expect and to prioritize and protect their interests so they can work out a settlement agreement.
Property division can address financial assets, a family home, cars, personal property, real estate, retirement and other property as well. Virginia follows equitable property division rules, which means that property will be divided as fairly as possible between the divorcing spouses to reach an equitable outcome. Marital property is subject to the property division process and includes income and assets acquired during the marriage. Marital property is owned by both spouses unlike separate property, which is not subject to the division process and will remain the property of the spouse who acquired it.
There are a variety of factors the family law court will consider when making property division determinations, so it is helpful for divorcing spouses to be familiar with what the factors are. Understanding how property division is handled can help divorcing couples work through their property division concerns and reach a fair outcome that ideally benefits the financial futures of both spouses following their divorce.