Navigating your divorce is a complex and emotionally challenging experience to go through. However, by gaining a deeper understanding of Virginia’s property division processes, you can work on a strategic approach that can help safeguard your right to fair division of assets.
How is property divided in Virginia?
In Virginia, the courts use the equitable distribution principle to determine how a couple’s property will be divided. In this process, a judge will seek to divide your marital assets and debts in a manner that is fair but not necessarily 50/50.
While every divorce case is unique, the court’s decision will consider several common elements, with five of them as follows:
- You and your spouse’s age and health
- You and your spouse’s monetary and nonmonetary contributions
- You and your spouse’s individual earning capacities
- You and your spouse’s economic circumstances
- Your length of marriage
The court will also assess each of your debts and liabilities, and which assets may help serve as security for them.
What will happen to my inherited assets?
Since Virginia courts only divide marital property, you and your spouse can keep each of your non-marital property. Three examples of these include personal injury rewards, gifts and inheritances.
For example, you inherited jewelry and other valuable items from your family. If you were able to keep these assets fully separate from your marital assets, they would remain yours to keep after the divorce.
Your life’s next chapter awaits
By learning about Virginia’s property division processes, you can go through your divorce proceedings with better familiarity and approach your case with preparedness.
