Equitable Distribution of Property in a Virginia Divorce
The process of dividing marital property in a Virginia divorce is referred to as “equitable distribution”. Equitable distribution is governed by statute and principles of equity. Virginia Code § 20-107.3 sets forth a framework of considerations to be addressed by the court when equitably dividing marital property as part of a Virginia divorce proceeding. Here is a summary of those equitable distribution factors:
- The contributions, monetary and nonmonetary, of each party to the well-being of the family;
- The contributions, monetary and nonmonetary, of each party in the acquisition and care and maintenance of such marital property of the parties;
- The duration of the marriage;
- The ages and physical and mental condition of the parties;
- The circumstances and factors which contributed to the dissolution of the marriage, specifically including any ground for divorce under the provisions of subdivisions (1), (3) or (6) of § 20-91 or § 20-95;
- How and when specific items of such marital property were acquired;
- The debts and liabilities of each spouse, the basis for such debts and liabilities, and the property which may serve as security for such debts and liabilities;
- The liquid or nonliquid character of all marital property;
- The tax consequences to each party;
- The use or expenditure of marital property by either of the parties for a nonmarital separate purpose or the dissipation of such funds, when such was done in anticipation of divorce or separation or after the last separation of the parties; and
- Such other factors as the court deems necessary or appropriate to consider in order to arrive at a fair and equitable monetary award.attorneys. It addresses common questions about the equitable
Our divorce and family law attorneys regularly handle equitable distribution of marital property in Virginia divorce proceedings.