When couples in Virginia divorce, finances are often a top concern. This is particularly true if either spouse owns a business or the couple owns a business together. This is because businesses are often a significant asset and, in many cases, a primary source of income.
Determine if your assets were commingled before divorce
When you file your divorce petition, the judge overseeing your case will conduct property division proceedings at some point unless you negotiate an agreement outside the courtroom. Virginia, along with all but nine other states, is an equitable property state. This means that the court would not necessarily divide your marital property equally. Instead, the judge will determine a fair and equitable way to distribute your marital assets and liabilities between you and your spouse, which may not mean a 50/50 split.
