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What Can be Considered Marital Property in Virginia?

Divorce is undoubtedly one of the most challenging experiences a couple can go through. No one enters a marriage contemplating its dissolution, but unfortunately, it is a reality many couples face. Emotionally, divorces can be incredibly trying as individuals grapple with the end of a significant chapter in their lives. Amidst the emotional turmoil, practical considerations must be addressed, including the division of property and assets. 

In Virginia, understanding what can be considered marital property is crucial to ensure a fair and equitable division during divorce proceedings.

What is considered marital property in Virginia?

If you are going through a divorce in Virginia,  the state follows the principle of “equitable distribution” regarding marital property..  In most cases, the courts strive to make a fair division of marital property, but it doesn’t always guarantee an exact 50/50 split. 

Marital property refers to all the assets and property acquired by a couple after the official date of their marriage, including real estate, vehicles, bank accounts, investments, retirement accounts, and personal belongings. On the other hand, separate property consists of assets acquired before the marriage, inheritances, gifts given specifically to one spouse, or property agreed upon as separate through a legal agreement. It’s important to note that separate property is generally not subject to division during a divorce.

During divorce proceedings, the court considers various factors to determine the division of marital property. These factors include the contributions of each spouse to the acquisition of the property, the duration of the marriage, the financial circumstances of each party, and the future earning potential of each spouse, among others. While the goal is to achieve an equitable distribution, it’s crucial to recognize that each case is unique, and the final division of property may vary based on the circumstances involved.

How can hiring a divorce attorney help assess marital property?

Navigating the complexities of property division during a divorce can be overwhelming, which is why seeking the guidance of a divorce lawyer is highly advisable. A divorce lawyer plays a crucial role in protecting your rights and ensuring a fair division of marital property. They deeply understand Virginia’s divorce laws and can provide expert guidance throughout the process.

A divorce lawyer can assist you by:

  1. Assessing your property: They can help identify which assets are marital property and which may be categorized as separate property, ensuring a comprehensive assessment.
  2. Advocating for your interests: A divorce lawyer will represent your interests during negotiations and in court if necessary. 
  3. Negotiating settlements: Your divorce lawyer can negotiate with your spouse’s legal representation to reach a mutually acceptable settlement. They will work to protect your rights and ensure that the division of property is fair and equitable.

Are you going through a divorce? Contact our team.

When going through a divorce in Virginia, understanding the concept of marital property and the principles of equitable distribution is crucial. Seeking the guidance of a divorce lawyer from Mahoney, Richmond, and Thurston can significantly alleviate the stress and complexities of property division. Their experienced team of divorce attorneys will provide the expertise and support needed to navigate the legal process and ensure a fair division of marital property. 

If you’re going through a divorce, don’t hesitate to contact Mahoney, Richmond, and Thurston for a consultation. Their dedicated team is ready to help you confidently move forward and start the next chapter of your life.