How Are Assets Split in a Divorce in Virginia?
Going through a divorce can be an emotionally and financially draining experience, but understanding the laws surrounding the division of assets in Virginia can help make the process easier. In Virginia, the law tries to ensure that both parties are treated fairly regarding the division of marital assets. With a better understanding of the laws, you can feel more confident in the decisions you make when dividing up your marital assets.
The Contribution of Each Spouse
When splitting assets in a divorce, the court will consider each spouse’s contribution to the marriage. This includes their contributions to the household, their roles in the marriage, and their financial contributions. The court will consider factors such as the marriage’s length, any pre-marital agreements, which spouse has contributed more to the marital estate through income and/or savings, and how and when marital assets were acquired. The court will also consider whether one spouse sacrificed their career for the sake of the marriage or to care for children.
Economic Circumstances of Each Spouse
To determine whether spousal support will be awarded, the court will consider factors such as earning power, employability, current income, expenses, and other financial matters related to each spouse’s economic situation. In addition, the court may consider other factors related to each spouse’s financial standing, such as their credit scores, retirement savings, and any debt they owe.
Marital Property and Separate Property of Each Spouse
When it comes to the division of assets, the court will consider whether the property is marital or separate. Marital property refers to assets accumulated during the marriage. This can include real estate, bank accounts, retirement funds, and other investment forms. Separate property, however, is any asset owned solely by one spouse before the marriage or acquired during the marriage through inheritance or gift. The court will determine which assets fall under each category and decide how to divide the total marital assets in a fair way between the two spouses.
Other Factors When Deciding How To Split Assets
In addition to each spouse’s contributions and economic circumstances, Virginia courts may also consider other factors when deciding how to divide marital assets in a divorce. These can include the age and physical health of each spouse, the length of the marriage, the standard of living enjoyed by the couple during the marriage, any waste or depletion of assets committed by either spouse, and whether one spouse has care for a minor child. The court may also look at other extenuating circumstances, such as evidence of spousal abuse or marital misconduct by either party or any other factors it deems relevant to making an equitable division of the marital estate.
Speak with a Virginia Divorce Lawyer
If you’re considering a divorce in Virginia, contact the experienced family law attorneys of Davies, Barrell, Will, Lewellyn & Edwards, PLC, to ensure your rights and interests are protected. For over 45 years, we have provided high-quality legal counsel to Virginia families and achieved countless successful outcomes on their behalf. Contact us today for a confidential legal consultation.