Property division during divorce can feel overwhelming which is why it is important for divorcing couples to keep in mind that the family law process provides legal resources to help guide them through the process of dividing their property. In some circumstances, divorcing couples are dividing a lifetime of property they have acquired together so understanding basic property division principles can help guide them through the property division process.
It is always helpful for divorcing couples to be prepared to negotiate a property settlement agreement between themselves whenever possible. The divorcing couple is in a better position to determine how property should be divided than the family law court, however, the family law court can help divorcing couples who cannot work out their property division concerns with a property division settlement. It can be less costly, acrimonious and time-consuming if the divorcing couple is able to resolve their concerns together which is true of most divorce-related concerns divorcing couples will need to resolve.
In Virginia, equitable property division rules are followed which means that the property settlement agreement should be as fair as possible to the spouses. Only the couple’s marital property is subject to the division process. Marital property generally refers to property and assets acquired by the couple during their marriage which makes classification of assets crucial to the property division process. A variety of factors are considered when making an equitable distribution of property, including the length of the marriage.
Divorcing couples who are working on a property settlement agreement will each want to protect their interests which is why understanding how property division works, and how to prioritize their interests, can help the divorcing spouses resolve those concerns. In the long run, utilizing family law tools to resolve property division concerns can help the divorcing couple reach a property division agreement they can both live with.