Dividing assets, debts and children on your way to a final divorce decree can create stress and foster resentment that lingers for years later. You can mitigate and relieve some of these complicated feelings by understanding how the court will handle the split.
Assets, according to Virginia law, will divide equitably. What does this mean, and how will it impact your situation? Take a closer look and find some guidance.
What does equitable mean?
Virginia is a state that prescribes an equitable division of assets and debts during divorce. Equitable means that after taking a full survey of your marital situation, the court will decide on a fair and just way to divide the money, property and other assets. This does not mean each of you will get the same tabulation of assets.
What does the judge consider?
When appraising the marriage for equitable distribution, the judge will pay special attention to the circumstances of your lifestyle, including your income, family dynamic and future earning potential. In doing this, some of the circumstances the judge will examine include:
- Who earned most of the income, and was this due to one spouse remaining home with children
- What, if any, part of the debt is unfair or falls squarely on one spouse or the other
- Does the stay-at-home spouse have a high future earning potential
- Do you or your spouse possess a significant amount of separate property
- Does your situation warrant the payment of spousal support
An equitable split may mean that one of you comes away with a more significant share of assets than the other based on what the judge deems fair. Speaking with someone who understands how the court divides assets and debts can go a long way in making your divorce more amicable.