When going into a divorce, you want to know what to expect ― at least as much as possible. Couples typically have concerns about Virginia Beach property division and, many times, they can reach a fair settlement outside of court.
If you and your spouse cannot reach a property division settlement, Virginia courts base marital property division on a legal concept called equitable distribution. Under Virginia divorce statutes, courts consider the following factors when equitably distributing your marital property between you and your spouse:
- Each spouse's contributions, monetary and non-monetary, for the family's well-being
- Each spouse's contributions, monetary and non-monetary, in regards to the acquisition, care, and maintenance of marital property
- Marriage duration
- Spouse's ages and their physical and mental condition
- Contributing factors and circumstances to the marriage dissolution, such as divorce grounds (adultery, cruelty, bodily harm, abandonment, and felony conviction)
- How and when you acquired marital property
- Each spouse's debts and liabilities, especially when property secures the debt
- Marital property's liquidity or lack of liquidity
- Tax consequences for both spouses
- Either spouse's use of marital property for non-marital purposes when done in anticipation of divorce or separation
- Factors the court deems necessary or appropriate for equitable distribution
By consulting a knowledgeable divorce lawyer about Norfolk property division, you can understand your rights and protect your interests.
Messman Law, PLC handles cases involving complex asset division and has access to experts for business valuation, appraisals, real estate and other sophisticated issues to help you arrive at the best decisions.