How is property divided in a divorce?

In Virginia, the court divides marital property equitably in the event of a divorce. This means that the property is divided fairly, not necessarily equally. The court considers a variety of factors in order to determine how best to divide the marital property. These factors include each spouse’s financial situation, the length of the marriage, the age and health of each spouse, the contributions of each spouse to the family’s finances, and the contributions of each spouse to the marriage. In addition to these factors, the court will also consider the tax consequences of the division of property. If a spouse is awarded an asset that will result in a larger tax burden, the court may award them other property to compensate for the additional taxes that may be due. The marital property may include real estate, such as the family home, or any other real property; financial assets, such as retirement funds, stocks, or bonds; and personal property, such as cars, jewelry, or furniture. The court will determine which spouse will keep each of these assets, and how they will be divided. The court may order that a portion of one spouse’s share of the marital property be given to the other spouse. The court may also award alimony, known in Virginia as “spousal support.” Alimony is intended to ensure that the spouse who is financially disadvantaged by the divorce is provided with the means to secure their financial future.

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