The division of personal property is one of the most important and often contentious matters in a Virginia divorce. If two spouses are unable to come to an agreement on their own regarding the terms of a property division settlement, this matter will be decided by the court. The court will look carefully at all marital property, deciding how to divide assets between spouses. Marital property is subject to division, but separate property is not. Understanding the difference may be important in avoiding disputes and complications.
Comingling of assets and more
A common area of disagreement in a divorce is categorizing assets as either marital property or separate property. Separate assets typically include those brought into the marriage by each spouse. They will remain separate unless there is a comingling of the assets over the course of the marriage. The other spouse does not have a rightful claim during a divorce to assets categorized as separate property.
Marital property includes everything accumulated, purchased or earned by the spouses over the course of the marriage – with some exceptions. A careful valuation of all marital assets is important as this ensures an equitable split of property. Some property that was originally separate may be considered by the court as jointly owned at the time of the divorce.
Fighting for a fair outcome
A Virginia spouse has the right to fight for a fair property division settlement. This process starts by understanding what property counts as marital property and what qualifies as separate property. This is best navigated with the assistance and guidance of an experienced family law attorney.