With the assistance of a Northern Virginia divorce attorney the vast majority of divorcing couples are able to amicably come to agreeable terms concerning division of their property. However, in the event a couple cannot agree, the process of dividing property (and debts) is one of the more complex areas of divorce and family law. Virginia’s property distribution scheme is referred to as “equitable distribution.” Having a divorce attorney that is well-versed in Virginia’s equitable distribution scheme will ensure the best possible outcome for your case.
In the Commonwealth of Virginia, the process of property division is called “equitable distribution.” In equitably distributing property, the Court, with the assistance of the parties’ respective attorneys, must identify all assets owned by the parties, classify the assets as marital property, separate property or part-marital, part-separate or hybrid property, and then value each asset.
Property is generally valued as of the date of trial or the parties’ date of separation. The courts also identify and classify all debts of the parties. The amount of any debt is generally determined as of the date of the parties’ separation. The courts only have the power to distribute those assets that are classified as marital property or partly-marital property and to allocate marital debts between the parties.
Courts consider the following factors in effective equity distribution:
As the one of the largest family law firms in Virginia, ShounBach’s attorneys have a wide range of experience, as well as solid training. If you have questions concerning property division, the division of assets and debts, or equitable distribution, contact an attorney at ShounBach.