In addition to issues such as child custody, child support and alimony, Virginians seeking a divorce will have to reach an agreement on how to fairly divide their assets. Virginia is an "equitable distribution" state, meaning that their marital property will be divided based on what the judge deems is fair. Sometimes a couple's assets are split relatively equally in the property division process, but it is not a rule in equitable distribution states, where an uneven split of property may be ordered if that is deemed to be fair and equitable.
There are many types of marital assets that may be subject to the property division process. They include, of course, the family home, furniture, electronics, automobiles and other tangible assets. However, retirement accounts, stocks, investments, business property and other intangible but still very valuable assets may also be subject to property division in Virginia.
Also, just as marital assets are divided in the property division process, so are marital debts. These can include joint credit cards, automobile loans, mortgages and other types of loans or lines of credit. It is important to pay attention to marital debts, as if one party fails to fulfill their obligations with regards to the debts, the other party still might be liable unless the appropriate steps are taken.
As this shows, property division is a nuanced affair. If a person tries to handle it on their own, they could make very costly mistakes that could affect the rest of their life. Fortunately, at our law firm we understand that our clients want to see that the division of property and debt in their divorce is done fairly. Whether our clients only have modest assets, or whether they have significant assets, we will work to see that they receive what they are appropriately due through property division. We can provide our clients with honest advice regarding their situation, so our clients can make informed decisions. The property division section of our website may help Virginians who are looking for assistance.