Virginia is an equitable distribution state, meaning that in divorce, marital property is divided equitably between the parties, not necessarily evenly. While there is no presumption that each party will receive exactly 50 percent of the marital property, a division close to 50/50 is usually a good place to start, especially following a long-term marriage. From there, it may be reasonable to increase or decrease the percentage one party receives based on a multitude of factors, such as the positive and negative monetary and non-monetary contributions of each party, the length of your marriage, the circumstances that led to your divorce, tax consequences of the division, etc.
At The Susan Hicks Group, our lawyers represent clients in Fairfax, Loudoun, Alexandria and other communities in northern Virginia in all issues relating to equitable distribution of property, including valuation of assets and protection of separate property. Our attorneys have extensive experience in cases involving medical practices, law practices, Internet companies, service companies and other businesses. Our lawyers represent both owning and non-owning spouses.
The following provides more information about equitable distribution of property in Virginia:
- Separate vs. marital property: Marital assets and debts are subject to division in divorce. Separate property is yours to keep, and separate debt yours to pay.
- Division of retirement assets: Retirement benefits are subject to division just like any other asset acquired during the marriage. To receive everything you are entitled to receive, it's important to be aware of all of the different retirement assets your spouse may have and the ability to divide these benefits in the future.
- Distribution of assets for unmarried cohabitants: Real estate, bank accounts and other assets accumulated by unmarried cohabitants are divided using a partition suit.
Contact Our Alexandria and Loudoun Equitable Distribution Attorneys
For more information, or to schedule a consultation with our Fairfax property division attorneys, call 703-468-0193 or fill out our online form.