Couples in Virginia may be interested to learn that the divorce rate has reached nearly a four-decade low. According to data from the National Center for Family & Marriage Research in Bowling Green, marriage in 2015 was up from the previous year and was at its highest rate since 2009.
When Virginia couples consider ending their marriage, property division will come to mind. Many forget to realize, however that the process includes splitting marital debts. Student loans represent a common form of debt, and the court will determinewho bears the obligation to pay them off, unless the couple can otherwise agree.
Virginia law provides for the equitable distribution of marital property as part of a divorce. However, the change in circumstances and their attendant expenses often mean that one or both partners are severely financially affected. This is particularly true for divorcees who are nearing the age of retirement.
Virginia law requires that marital property be distributed equitably. In the event that one spouse wants to find a way around this law, he or she may willfully spend money so that it cannot be split evenly with the other spouse. This act is known as dissipation of marital assets.