Divorce is never easy. It often takes a toll on both parties physically, mentally, and emotionally. And nowhere is that seen more than dealing with the division of assets and marital property. Both sides of the relationship want what is rightfully theirs and may have different definitions of that property. So how is this process kept fair?
In this blog, we’ll examine how marital property is divided in Virginia. We’ll first look at the types of property that may need to be divided, how the property will be distributed equitably, and how a Manassas property division lawyer can help with this process.
Three Categories of Property In Virginia
When a couple begins the divorce process, the property can be split into three categories: marital property, separate property, or part marital property and part separate property.
Here’s a further examination of each:
- Marital Property: This is any property that is acquired by the couple after the marriage is legally binding. Marital property can include retirement accounts, pensions, furniture, motor vehicles, real estate, stock and more.
- Separate Property: This is property that was owned by one of the individuals in the marriage but pre-dates the marriage. Additionally, this can also be an inheritance received by just one couple before the marriage. Separate property is kept separate and is not split in the event of a divorce.
- Part Marital Property and Part Separate Property: This is property that doesn’t fall neatly into either category. For example, one spouse might have owned a house or investment before the marriage, which would be considered their separate property. However, if that property increased in value during the marriage, that increase might be treated as shared property. If one spouse wants to claim that part of the increase in value is shared, they need to prove that either money or effort from the marriage contributed to that increase. If they succeed, that portion of the property can be split during a divorce, but the original part of the property that was separate will stay with the spouse who owned it before the marriage.
How Martial Property is Equitably Distributed
In a Virginia divorce, you and your spouse can agree on how to divide your property. If you can’t, the court will step in to classify everything as either marital or separate property and assign values. The court doesn’t divide property equally but instead makes a fair, or “equitable,” distribution.
Typically, a court will base an equitable distribution on factors such as:
- Each spouse’s income potential
- Contributions to the family and property
- When and how the property was acquired
- The length of the marriage
- The age and health of both spouses
- Property debts and tax implications
- Any actions that may have reduced the value of the property
How A Lawyer Can Help With Equitable Division of Property
A Manassas divorce lawyer can help ensure a fair division of property by assessing assets, providing legal guidance, negotiating settlements, and representing your interests in court.
If you need a legal consultation on the matter of marital property, the lawyers at Collins Family Law are here to help. Contact us today to learn more.