Property division concerns can be significant during divorce and couples divorcing in Virginia may wonder what to expect and how their property will be divided. Virginia is one of the states that follows equitable property division rules when dividing property when a couple is divorcing. Divorcing couples are permitted the opportunity to resolve property division concerns for themselves but if they are unable to do so, the family law court can step in and help.
The family law court will divide property according to equitable property division rules which seek to divide property between the couple as fairly as possible. Unlike community property states, this may not mean that property is divided in half but will be divided in a manner designed to achieve equity. There are different categories of property including separate and community property, as well as others. Only marital property is generally divided.
When conducting property division, the court will look at the entire value of the couple's assets and property and will divide it in a manner that is fair. The court endeavors for each spouse to be as financially sound as possible following the divorce. Couples may worry about particular assets, including the family home. In general, the family home will go to the spouse that will have primary responsibility for raising the children if there are any children from the marriage.
Property division can seem like an overwhelming aspect of the divorce process, however, the family law process provides a framework for how property should be divided. The greater understanding the couple has of the process, the better position they will be in to achieve a smooth property division process.
Source: Family.findlaw.com, "Divorce Property Division FAQ," Accessed Oct. 27, 2017