How does divorce affect a couple’s assets?

In the state of Virginia, a divorce can have a major effect on a couple’s assets and how they are divided. According to the Virginia Code, a court may order the division of all the marital property between the two parties in a manner that the court determines to be equitable. This means that the court will consider all the assets (such as the house, cars, bank accounts, stocks, etc.) that have been acquired during the marriage, and will make an effort to divide them equally between the divorcing couple. In Virginia, the court will consider several factors in determining how to divide the assets, such as the length of the marriage, the income of each party, and the contributions made by each party to the marriage. Virginia is an equitable distribution state, meaning that the court will make an effort to divide assets in a manner that is deemed to be fair. This is different from a community property state, where assets are divided 50/50 regardless of any individual contributions. It is important for couples to remember that in Virginia, assets acquired prior to the marriage are not subject to division in a divorce, as they are considered separate property. In addition, any gifts and inheritances provided to either party during the marriage are also separately owned (not subject to division). Divorce can have a significant impact on assets, so it is important for couples to be aware of their rights and to work together to ensure that the process is completed in a manner that is fair and equitable for all parties involved.

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How does divorce affect a couple’s assets?

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