If you are considering divorce, you will need to decide how to divide your real property. According to Virginia law, the separate property that one spouse inherited or had before marriage should remain separate after the divorce, and all marital property should be divided equitably. In a no-fault divorce, you and your soon-to-be ex-spouse will be responsible for dividing your property and submitting the property settlement agreement to the court.
Equitable Does Not Necessarily Mean Equal
Dividing martial property according to Virginia’s equitable distribution principle requires a detailed analysis of your financial situation and your spouse’s. Some of the specific things that should be considered in an equitable distribution of marital property include:
- The financial and non-financial contributions of each spouse to the family during the marriage
- The financial and non-financial contributions of each spouse to the acquisition of property and to the care and maintenance of that property during the marriage
- The specifics of how and when the property was acquired
- The length of the marriage
- The age and health of each spouse
- The debts of each spouse
- The tax consequences of awarding property to one spouse rather than the other
- The details of whether property is a liquid asset or a non-liquid asset
- The details of whether either spouse used the property for a non-marital purpose
In order to divide property equitably, property may be sold, the title for property may be transferred to one spouse, and/or one spouse may need to pay the other spouse money.
We Can Help With Equitable Distribution of Property
Equitable distribution can be difficult to achieve even in a no-fault divorce. However, the Virginia court expects to see a property division agreement. You and your spouse have the most intimate knowledge of all of the factors that go into an equitable settlement, and the two of you, together with your lawyers, can create a fair property division agreement.
You want to end your marriage as quickly and as painlessly as possible, but it is important that you don’t jeopardize your financial future in the process. Protect that future by contacting our experienced Virginia divorce lawyers today for a free initial consultation.