There are lots of questions about how property will be divided when it comes to divorce in Virginia. In Virginia there are specific laws about how property will be distributed in a divorce. Not many people know that Virginia is an “equitable distribution” state and all marital property shall be divided in an equitable fashion in all cases. The thing to remember here is equitable does not necessarily mean “equal”, but it foes mean fair. If the couple can not reach a settlement on all marital properties and debt then the court will step in and declare the property award in the divorce.
The meaning of separate property in regards to Virginia divorce can be described as any of these definitions :
Any property, personal and real, that either party obtained before the marriage.
Any property received to either party that was a gift, or obtained by bequest, descent, devise or survivorship.
Any property acquired during the marriage in exchange for or from the proceeds of sale from separate property.
The meaning of marital property in regards to Virginia divorce can be described as any of these definitions :
Any property titled in the names of both spouses.
Any property that is acquired during the marriage that is not described above as separate property.
The court will decide how to divide the marital property in divorce court by the following guidelines :
All contributions must be in the best interest of well being of the family.
All marital property must be taken care of through all monetary and nonmonetary contributions.
The total length of marriage.
The physical an mental well being of each spouse and their age.
How the marital property was acquired.
The tax consequences to each spouse.
(Virginia Code - Title 20 - Sections: 20-107.3)