Ending a marriage is never a straightforward process in Virginia. Unfortunately, if two divorcing individuals have a large number of assets or some high-value assets, the process can become even trickier. Here is a look at how Virginia courts handle the divorce process in these situations.
Virginia is an equitable distribution state, a term that describes most states across the United States. In this type of state, the court will divide two divorcing individuals’ possessions in a manner that it considers to be fair, or equitable. Thus, two divorcing spouses in Virginia may end up with unequal asset amounts as part of the divorcing process. For instance, one person may receive 70% of assets, whereas the other party might be awarded 30% of the couple’s shared assets.
To determine which party will receive which assets, the court will look at a wide range of factors. For instance, courts in Virginia consider how long the marriage lasted, as well as the two parties’ living conditions. Other factors that the court will consider include who will have custody of the children, as well as each party’s financial status.
The best scenario during the divorce process is for both individuals to try to reach their own agreement regarding how they will divide their assets. In this way, they can avoid further court intrusion. However, sometimes, divorcing parties cannot see eye to eye in this area, in which case going to trial is unavoidable. Either way, an attorney in Virginia can provide individuals with the guidance they need to confidently pursue their fair share of assets during the divorce process.