A major issue to be addressed in most divorces is the division of Assets and Debts. In Virginia, this is called equitable distribution, which literally means “fair distribution.” Equitable distribution starts with designating Assets and Debts as marital or separate. Virginia Code § 20-107.3 sets the rules for property classification. In general, Separate property consists of:
In general, Marital property consists of:
Once it is determined which Assets are marital and which are separate, the court will exercise its broad discretion to apportion of these assets between the spouses. The factors that the court takes into consideration can be found in our article on asset division. Proper classification of Assets will help you come to a reasonable and fair resolution of your matter, either by settlement or by litigation. Since there are many nuances to property classification, if you have property that needs to be distributed in your divorce, consult an attorney.
An outstanding job on my case to have custody, visitation and support decided in my home state instead of Virginia after I separated from military service.- A.E.