When you file for divorce in Virginia, the court will determine property division based on what is equitable. This does not mean things are split 50/50. It is possible to get more or less than your spouse.
Understanding how property is classified is important to understand the property division process in a Virginia divorce fully.
What is considered marital property?
Only your marital property is part of the property division process in a Virginia divorce. Marital property includes anything you or your spouse acquired during your time married. It includes (but is not limited to) the following:
- Investments
- Income
- Retirement accounts
- Marital home
- Assets purchased with marital funds
All property you or your spouse purchase or acquire during your marriage, no matter how it is titled, is considered marital property.
Separate property is anything you or your spouse owned before getting married. This property remains yours (or your spouse’s) and is not part of the property division process (in most cases).
Factors considered during marital property division
Different aspects of your marriage will impact how property is divided when you divorce. Aspects considered include how each spouse contributed to the family’s well-being (this includes financial and non-financial). Each spouse’s role in purchasing, acquiring and maintaining the marital assets is also considered.
The court will consider other factors, too, which include things like the:
- Ages of each spouse
- Financial obligations of each spouse
- Health of each spouse
- Income of each spouse
- Income of each spouse
The court can consider other factors, too, when ruling on property division in your divorce. In the interest of fairness, almost anything relevant can be factored into the court’s decisions.
Protecting your rights to marital property
While Virginia law may seem simple, some situations can make it complex and confusing. You must understand your legal rights to ensure a favorable outcome in your Virginia divorce.