A house is often your largest investment, so this question can cause strong disagreement. Additionally, the emotional bond you share with the house also cannot be ignored. Therefore, learning how a Virginia court divides property can help set your expectations.
What does the law say?
Virginia generally follows the rule of equitable distribution rather than community property laws. This means that a judge usually attempts to divide marital assets fairly, which does not necessarily mean an exact equal split. Typically, a house purchased during the marriage is considered marital property, regardless of whose name appears on the deed. If you owned the home before getting married, it might be classified as separate property. However, any value added through marital funds or joint efforts could complicate this classification. Instead of automatically awarding the physical property to one person, a judge might order the sale of the house and division of proceeds between the parties.
What factors affect how the home is divided?
When deciding how to divide marital property, a judge must review several statutory factors. Some of the important factors are:
- Duration of your marriage
- Health condition of both parties
- Contributions each spouse made to the overall well-being of the family
Furthermore, the court typically looks at how the home was acquired and who contributed to its daily maintenance and care. The tax consequences of the property transfer and any debts associated with the house could also impact the outcome.
How an attorney may help
Dividing property can feel overwhelming. An attorney can review your financial records and explain your rights. They can also represent you in negotiations or in court to help you reach a fair resolution on the home and other marital assets.
