Northern Virginia Equitable Distribution Lawyer
Virginia is an equitable distribution state, which means that property and debts will be equitably divided after a divorce. This does not mean that each party will get exactly fifty percent, but a close distribution of property is a good preliminary place to start with each former spouse. Different factors contribute to the final division of property and debt. This includes everything purchased or earned by the parties during the marriage.Equitable Distribution in Virginia
Before dividing the marital property and debts, the court must determine what is marital and individual properties. Individual property is property, gifts or inheritance that one party owns separately and brought into the marriage.
What Determines The Division Of Property?
There are several factors that help the courts determine how property, debts, gifts, or inheritance is divided after a divorce. These factors include, but are not limited to the following:
- The length of the marriage
- The monetary and non-monetary contributions of each party to the welfare of the family
- The income of each party and the potential for future earnings
- The ages, physical and mental condition of each party
- Any other factors, including the tax consequences, that should be taken into consideration to make sure the award is equitable
Our Manassas Equitable Distribution Lawyers
Our law firm is experienced at handling family law and divorce proceedings, including equitable division of the assets. You want the right attorney at your side for your Northern Virginia division of assets, so call our Manassas divorce lawyers at (703) 844-4118.