June 23, 2022Author: Brian
What factors will effect property division in Virginia?
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:
- The contributions, monetary and non-monetary, of each party to the well-being of the family;
- The contributions, monetary and non-monetary, of each party in the acquisition and care and maintenance of such marital property of the parties;
- The duration of the marriage;
- The ages and physical and mental condition of the parties;
- The circumstances and factors which contributed to the dissolution of the marriage;
- How and when specific items of such marital property were acquired;
- The debts and liabilities of each spouse, the basis for such debts and liabilities, and the property which may serve as security for such debts and liabilities;
- The liquid or non-liquid character of all marital property;
- The tax consequences to each party; and
- The use or expenditure of marital property by either of the parties for a non-marital separate purpose or the dissipation of such funds, when such was done in anticipation of divorce or separation or after the last separation of the parties.
Tax issues and debt will also play a part in property division.