There are so many reasons why divorces can be painful and complex, all of which can make the process far more tedious and stressful than we’d ever hope it to be. One of the reasons why divorces can take so long is resolving the issue of who gets what when going your separate ways. Even for couples who have only been married a short while will probably find that their lives are far more intertwined financially than they would have immediately thought. For couples who have been together a long time, dividing up assets can be exceptionally long-winded and convoluted.
Today we’ll examine the question, “How are assets divided in a divorce in Virginia?“. In practice, the state decrees that all assets should be divided up equitably — but that does not necessarily mean that all assets should be divided up equally. Many factors come into play when it comes to dividing up common assets like homes or residences, financial assets, and all other belongings that a couple may jointly have.
Residences
Dividing up a residence is obviously impossible to do if two people both want it as their own. That’s why what must be discussed in a divorce agreement is who wants the house, who bought the house, and who currently pays for the house. Keep in mind, however, that it doesn’t necessarily mean that if a person bought a house before the marriage but the joint finances of the couple go on to pay the mortgage, that the original purchaser keeps the home in its entirety.
If neither person wants to live in the house after the divorce, it’ll be sold and the money is split fairly — in terms of who stumped up the deposit and then who paid for how much of the mortgage. If one person wants to stay in the house after the divorce, then the person vacating the home needs to be financially remunerated in line with what they are fairly owed. If both people want to stay in the home, then who keeps the house is decided by the courts, but one person will still have to be reimbursed for what they own.
Finances
Financial assets are also determined in a similar way to housing. People get what they’re rightly entitled to which is decided by the court if the couple and their lawyers cannot come to their own conclusion. Confusion can arise, however, if one individual was negatively affected financially by not working due to looking after children or supporting their spouse’s career — which meant they could not work themselves.
Other Assets
Other assets are divided by who owns them. If they’re owned separately and bought by a person’s own individual money, then that person should get to keep those assets. However, if the court defines some property as community property, then that too must be divided in a way that is equitable — again as defined by a couple and their lawyers. If the couple cannot come to their own resolution, then the court will decide for them. Good examples of other assets that are deemed community property would be something like a car. In terms of what would be a person’s own separate asset, inheritance or gifts are what courts will largely deem as not divisible for the purposes of a divorce.
Asset division in Virginia divorces – key takeaways
Divorces are never going to be straightforward affairs. When two people have been living together for a long time, their lives can become so entwined that it can be difficult to split it up quickly and easily. There are so many different complexities and nuances that will often need to be taken into consideration when it comes to asset division in Virginia. This is why the need for a lawyer by both parties is so critical — even if both parties are agreeing to split happily.
When acrimony comes into play, division of assets becomes that much more difficult as neither party is willing to compromise. However, with that comes increased legal costs due to the amount of time needed on the part of lawyers and judges to determine who really is owed what.