Four Factors That Could Impact Your Rights To Marital Property In A Virginia Divorce
When getting a divorce in Virginia, there are important practical matters you need to address. These can impact your financial security for years to come. Marital property division in a Virginia divorce determines your share of homes, vehicles, personal belongings, and other assets. Our Loudoun County divorce attorney explains how marital property is divided and four factors that could impact your rights.
Equitable Distribution Of Marital Property In Virginia Divorce
Under the Virginia Code, marital property in a divorce is divided on an equitable basis. This means that rather than splitting everything 50/50, the court will consider numerous factors in determining an arrangement that is fair to both parties involved.
Equitable distribution applies to anything earned, acquired, or otherwise accumulated by the parties over the course of the marriage:
- Homes, land, timeshares, and other real estate holdings;
- Cars, trucks, boats, and recreational vehicles;
- Household furniture, artwork, antiques, and other decorative items;
- Hobbies and collectibles;
- Personal belongings, including fires and jewelry collections;
- Investments and funds in bank accounts;
- Shares in businesses;
- Retirement benefits.
Factors That Influence Equitable Distribution in Virginia
Equitable distribution is one of the most important matters addressed when getting a divorce through the Virginia Family Court. The outcome can impact your financial security in the future. The following are four factors that influence your rights in these proceedings:
- The total amount of marital debts: Along with equitable division of marital assets, marital debts must be divided evenly in divorce as well. Arrangements for payment of these debts could influence your rights in property division.
- Each party’s contributions to accumulating and maintaining marital property and assets: While anything accumulated during your marriage is considered to belong to you both, your role in obtaining certain objects or assets, making sure they are maintained, and either increasing or decreasing their value could impact your rights in a settlement.
- Marital misconduct on the part of either spouse: Marital misconduct, such as engaging in affairs or gambling, could negatively impact your spouse’s rights in regard to equitable distribution. Likewise, if you engaged in these or other types of behaviors, it could reduce the total amount you are entitled to.
- Liquidity of assets: Money in financial accounts is relatively easy to distribute between spouses. Shares in ownership of homes, property, and businesses are typically more complex. The liquidity of assets can impact how they are divided in divorce proceedings. For example, when dealing with the family home, you can either sell the property and split the profits or retain ownership by negotiating on other items.
Discuss Your Options With Our Equitable Distribution Attorney
If you are going through a divorce in Virginia, equitable distribution of marital property is one of the most important issues you will need to deal with. To discuss your options, reach out to Schwartz Kalina, PLLC. We provide the professional legal representation needed to protect your rights in these proceedings. To request a consultation with our Virginia divorce attorney, call or contact us online today.