In any Virginia divorce, one of the most complex and emotionally charged issues is the division of assets and debts. Virginia uses a legal principle known as “equitable distribution” to divide marital property. This doesn’t necessarily mean an equal 50/50 split—it means a division that is fair, based on the circumstances.
What Is Marital vs. Separate Property?
Under Virginia Code § 20-107.3, property is categorized as either:
– Marital Property – Assets acquired during the marriage, regardless of how they’re titled. This includes homes, vehicles, retirement accounts, stock options, and debts.
– Separate Property – Assets owned before the marriage, or those acquired during the marriage by gift or inheritance, as long as they’re not commingled.
Equitable Distribution Factors
Virginia courts consider several factors when determining how to divide marital property:
– The length of the marriage.
– The contributions (both monetary and non-monetary) of each party.
– The circumstances and grounds for the divorce.
– The age, health, and employability of each spouse.
– Each party’s debts and liabilities.
– Whether one party has used marital funds for non-marital purposes (known as dissipation).
– The tax implications of division.
Common Mistakes to Avoid
Many divorcing spouses overlook hidden assets or undervalue marital property. Others agree to a quick settlement without understanding long-term financial consequences, particularly regarding retirement accounts or spousal support. Make sure to:
– Obtain proper valuations for real estate, pensions, or businesses.
– Account for debt as well as assets.
– Consider future needs and not just immediate gains.
Using Prenuptial or Postnuptial Agreements
Couples can alter the default rules of equitable distribution by entering into a valid prenuptial or postnuptial agreement. These contracts can clarify property rights and help avoid disputes later on. These are especially important in cases where the parties may have significant debts or assets before entering into the marriage. It is best to have one of these in place in the event that you end up divorcing to ensure that your separate property is protected.
Get Legal Help
Equitable distribution can be straightforward or deeply complex, especially in high-asset or contested divorces. A skilled Virginia divorce lawyer can help identify and categorize assets, advocate for a fair share, and protect your financial future.
If you have questions about your family law matter or want guidance tailored to your situation, contact the experienced attorneys at NOVA Legal Professionals. We serve clients across Northern Virginia with compassionate and strategic legal support. Call us today to schedule a consultation and learn how we can help protect your rights and your future.
