Asset value can be one of the most crucial components of a divorce. Depending on the circumstances, different valuation dates may be used. The valuation of real property, closely held businesses, and significant personal property like artwork or vehicles may present challenges. A divorce attorney with experience and a support team of professionals can help determine the proper value of assets in order to proceed with equitable distribution. Your attorney may engage the services of qualified appraisers, accountants, or other professionals to help determine the value of assets.
The nature of the divorce will drive who essentially controls property division. In some circumstances the couple may make many or all asset decisions themselves, others find that the use of legal counsel and mediation are in their best interests. Other cases require the court to decide how property will be divided based on numerous factors.
While Virginia strives for equitable distribution of marital property, this does not mean all property is divided 50-50 between the divorcing couple. The court will take into account:
Tax issues and debt will also play a part in property division.
The Commonwealth of Virginia has instituted laws that require courts to equitably divide marital assets in a divorce. Property that is part of equitable distribution can range from large to small, and everything in between (including the kitchen sink).
Virginia classifies property into three categories: marital, separate, and hybrid. As part of the property division all assets from each category will be listed, given an approximate value and properly designated. Items such as kitchenware, tools, jewelry, electronics, cars, homes, real estate and businesses may be divided between a couple. Financial assets such as investments, retirement accounts and even debt will also play a role in the division of property.