The holiday season is here. As families throughout Virginia are planning their festivities, some are planning for afterwards as well. History suggests that the months following the holiday season are some of busiest for those who have decided to file for divorce. Many will hold off filing during the holiday season and look forward to filing soon afterwards. While looking at recipes and menus, some are also looking at assets and the best way to divide them.
Virginia is considered to be an equitable division property state. This means that the nature of the property as well as when and how it was purchased will be taken into account in determining who should retain the property, or how it should be divided, as a part of the divorce settlement. While all property will be divided, it will be divided in and equitable manner. The intent is that the property will be divided fairly, though not necessarily equally.
For example, property that was owned prior to the marriage or received as a gift or inheritance during the marriage will most likely be considered separate property. In addition, property purchased during the marriage using funds received as a gift or inheritance may also be considered separate property. Likewise, property purchased during the marriage by using marital assets is considered to be part of the marital estate.
As the Virginia resident decides the best time to file for divorce, there are a number of aspects to be considered. Timing is one important consideration; which assets will be included in the property division settlement is another. An experienced divorce attorney can assist in reviewing the details surrounding each asset and make recommendations as to which are worth pursuing.
