In Virginia, a couple that chooses to divorce must divide up its marital property so that each partner leaves the relationship with an equitable portion of the total. Virginia follows the principles of equitable division when it comes to divorce-based divisions, which means that property divisions must be fair but not necessarily equal. In order to determine fairness with regard to the amount and value of property each person takes from their shared marital wealth, items of property may be subject to valuation assessments.
Although a divorce may be a necessary part of starting one's life over in the wake of troubles, it is never easy on a Virginia resident to uproot their life and start fresh as a single individual. For some, letting go of significant pieces of property may be very difficult and they may hope to retain some of those items and parcels once their marriages are over. One of the most sentimental and therefore contested items of property that individuals may share with their soon to be exes is the family home.
The division of property can be a source of contention in any divorce. After all, many married couples have spent years if not decades accumulating assets. Some of these assets have a great deal of financial value, but even certain cherished pieces of property have just as important sentimental value. For these reasons, couples going through a divorce can have a difficult time with the property division process.
We'd like to think that in the age of conscious uncoupling that all divorcing couples in Virginia amicably part ways. Unfortunately, emotions can run high in a divorce, causing people to make poor decisions. For example, one spouse might want to try to hide assets from the other spouse to keep those assets out of the marital estate. In other words, the hidden assets would not be subject to property division and the spouse hiding the assets can keep them for himself or herself. This is never a good idea.
When couples in Virginia decide to divorce, there are a litany of issues they must resolve. One of these issues is property division. Of course, both sides to a divorce want to keep their fair share of the marital estate. This makes property division a particularly complex endeavor.
One issue that most divorcing couples in Virginia will have to face is property division. This is true whether a couple has a great deal of highly valuable assets or whether a couple is of more modest means. In the end, marital property in a Virginia divorce will be divided via equitable distribution. This means that the court will aim for a fair division of property, even if that division is not perfectly equal. Thus, it is important to have an idea of one's options for dividing common assets, such as the family home, so a fair result can be reached.
Part of the property division process is disclosing all of your assets and income. This is because in Virginia each spouse has the right to retain an equitable share of all the couple's marital assets. However, a divorce can cause bitter feelings and sometimes a spouse will act out of greed or spite and try to conceal assets or sources of income from their ex.
The death of a loved one can be devastating. However, there may be a silver lining if the deceased left a substantial inheritance to you. When it comes to divorce and inheritance in Virginia, in general, an inheritance is considered to be separate property. This means that should a person divorce, their inheritance will go to them and will not be subject to the division of marital property. However, an inheritance may be considered marital property subject to division if it has comingled with marital assets or has been used for marital purposes.
Sometimes a divorce doesn't happen while a couple is still young and naive. Sometimes couples in Virginia who have been together for decades may find themselves in an unhappy marriage. There may be a certain breaking point in their marriage, such as an affair, or they may simply have grown apart over the years. However, when couples aged 50 and up decide to end their marriage -- an act known as a "gray divorce," - they may face issues younger couples do not, especially with regards to retirement.
Many people in Virginia will spend a lifetime accumulating a wide variety of assets. Some of the assets may be financially valuable, while other assets hold more sentimental value. Some of these assets were obtained before a person got married, while others were obtained during the course of the marriage. However, the classification of property as either marital or separate is essential when it comes to property division in a divorce. This is because separate property will be retained by the party that owns it, while marital property will be divided between the spouses.