Property Division Explained
This entry was posted on 2/7/2008 1:22 PM and is filed under Ed.
What follows is a gross over-simplification of how Virginia courts determine who gets what during a marriage. This process is called Equitable Distribution (or E.D.). The first step is to decide what properties are marital assets. These include retirement benefits earned during the marriage, cars, real estate, cash, stocks and bonds, personal property, etc. Take the total of the value of the marital property and then think of it as a pie. If the husband and wife cannot agree to how the division should be split, it is up to the Court to determine who gets what and it’s value. Needless to say, this is a process that is difficult, time consuming and expensive. Quite often in low asset households a prolonged fight over property division results in the parties spending $2 to get a $1 back. In low asset households it is important for the parties to understand that regardless of the fault of the marriage, it’s usually best to come to a quick agreement.
