The state of Virginia is not considered to be a 50 50 state when it comes to divorce. Virginia law allows the division of assets and liabilities after a divorce to be fair depending on the spouse which had the biggest influence between the couple regarding the assets and liabilities that were accrued during the marriage. The two spouses or former spouses after the divorce is finalized are urged to think of a settlement all alone and present it to the court.
If the married couple cannot agree on a settlement regarding the division of assets and liabilities, the court will interfere and will judge a legally binding decision for the separating couple to follow. The state of Virginia is a state in which the division of assets and liabilities is based on my factors which is why the state of Virginia is not a 50 50 state.
These factors include yet not limited to the following:
- Both parties’ ages: if one is too younger than the other, it will be divided unevenly if the younger is still young to have a stable job or if the older one is too old to continue working with high efficiency;
- The influence a party from the two had on the assets and liabilities owned (money-wise);
- Any physical or mental abnormal conditions, if any;
- The period of time that the couple were married for; and
- If there was a fault from one side, which party is it and what was the fault that caused the divorce.
The state of Virginia considers some exceptions to the property that must be divided after a divorce between two parties. These include:
- Any assets and liabilities that was owned before marriage;
- Any property gained during marriage yet from an external source such as inheritance;
- profit gained from the selling of a property owned before marriage.
The state of Virginia considers the following as spousal property that must be divided if divorce is to occur between two parties:
- All property that was owned after marriage;
- All property that is registered in the name of both parties;
- Any property or source that will bring a profit after the dissolving of the bonds of matrimony that was required during the marriage is to be divided between both parties;
- Any value received during the marriage from an organization;
In the state of Virginia, all family assets and liabilities or businesses are divided in the mentioned manner. The division is not evenly as in 50 50 as the state of Virginia is an equitable distribution state. The division is judged by the court fairly depending on the influence each party had and several other factors. Usually, one of the parties will acquire a whole property while compensating the other party by the value of his/ her share of the property money wise. A highly experienced attorney is hired to draft a property settlement agreement after a full hearing from the court so that both parties can sign and finalize the property settlement. Without a hired attorney, it is not advisable for both parties to sign a property settlement agreement as the attorney will make sure that everything is written and clear so no problems arise at a later stage.