What is division of marital property?

Division of marital property is a process in which the two spouses in a divorce decide how to divide the items that make up their marital estate. In Virginia, the law requires that all marital property is divided equitably, meaning that the distribution should be fair and not necessarily equal. Marital property can include the home and other real estate, the furnishings and personal belongings, the vehicles, savings, retirement accounts, investments, and business interests. The court may also consider any separate property that has been commingled with marital property. Separate property is defined as property that was owned prior to the marriage or was acquired by inheritance or gift during the marriage. In Virginia, each spouse is entitled to the value of their separate property and is not subject to division. The court will take into consideration the contributions of each spouse, such as whether one spouse was a homemaker or the other spouse was the breadwinner. The court may also consider other factors such as the age and health of each spouse, their earning potential, and any past misconduct between the spouses. Once all of these factors have been taken into consideration, the court will decide how to divide the marital property in an equitable manner.

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What is division of marital property?

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