The process of dividing marital wealth is a central component within many divorce cases. In order to achieve a fair division of marital wealth, both spouses must fully disclose all of their assets, whether they are believed to be marital or separate property. Without comprehensive knowledge of the scope of assets, it is impossible to negotiate a property division settlement that is fair and within the guidelines of Virginia law. Unfortunately, many spouses seek to hide assets from their spouse, which violates laws regarding both divorce and taxation.
The process of dividing marital wealth is never easy, and many couples fight over who will retain which assets once the marriage is dissolved. For some in Virginia, the family home is a significant source of contention. Many people feel deeply connected to their family home, and they want to hold on to the memories contained within even after the marriage has ended. Often, however, this is a property division nightmare for both sides.
Virtually all Virginia spouses are aware that dividing marital wealth is one of the most important aspects of any divorce. Some spouses, however, overlook the fact that debt is also a part of the property division process, and that financial obligations are also subject to division between the parties. Taking early steps to prevent additional debt is an important consideration, and spouses should be proactive in addressing the matter.
When a couple splits and begins to live separately, the fate of any assets needs to be understood as the process moves forward. The property division process can entail much more than simply dividing up assets in an equitable manner especially since what is understood as equitable may be up for dispute. Virginia couples may be better prepared for this part of a divorce if they have a basic understanding of how property division works and what kind of property will be divided.
The process of dividing marital property may be simple for some couples. However, more likely than not, there are bound to be hiccups along the way for most couples. If Virginia couples know what particular hiccups may slow down or create obstacles to a fair property division agreement ahead of time, that couple may be able to reach an agreement quicker or enlist the proper help to ensure a fair settlement.