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 first step before anything is divided is to determine if the property is marital property of separate property. It will all be thought of as marital property unless proven otherwise. For example, showing that one person owned it before the marriage or that the item was an inheritance received by one person can lead to the item being declared separate property.
Once the property is outlined and accounted for, the division of that property can be complicated as the property includes much more than the house and vehicles. There are pension plans to consider, other accounts and family businesses that may need to be divided. Debts are also part of the process and need to be divided accordingly.
The property division process can be difficult to predict because no two couples are alike. Individual factors, such as who contributed to the upkeep of a piece of property, can all play a role in how each asset is divided during a divorce. Our website has more detailed information about property division in Virginia and what can complicate the process for couples.