You may consider marriage as a loving relationship between two individuals however, in the eyes of the law, marriage is nothing but a financial alliance between two individuals. However, when these two individual decides to separate, then it becomes difficult to separate their property, lives, and other assets.
If you are seeking a divorce from your spouse in Virginia, then it will be better to consult any good divorce law firms such as John W. Lee, P.C. in Virginia which is one of the reputed law firms that can provide you with experienced lawyers for any type of cases.
When any two individuals decide to divorce then the court in Virginia is going to follow several guidelines for making an equitable property and assets distribution of the couple.
While creating such “equitable distribution”, first it is required to establish the exact value of the property that is being contested. This is needed for fairly dividing the property between the two spouses.
As such, this may look like a very easy and simple statement, but there are a few key important terms that we must understand properly:
- Virginia Divorce
Virginia State has got very specific processes regarding how, when, and where one can file for their divorce. Actually, this will be especially important for any divorce seekers where there is going to be a process of equitable distribution among the couples.
- Equitable Distribution
This is related to the “fair” distribution of property between 2 divorcing spouses. Remember that “equitable” would not mean “equal.” Any unequal divisions e.g. 60/40 or sometimes even 70/30 can also be found.
- Contested Divorce
In case, there is serious disagreement between two spouses about any element of the divorce (like how to split the property), then automatically your divorce will turn into “contested.”
Quite often, you may have to meet a judge for resolving the issue, or, you may participate in certain alternative dispute resolution e.g. mediation process.
- Marital and Mixed Property
Remember, only “mixed” and “marital” property usually will go through an equitable distribution process, which means that any “separate” property, e.g. inheritances, may fall outside any equitable distribution process, which will not be divided.
While working towards such “equitable” property distribution, generally, you will follow 3 broad steps:
- First, list and categorize every relevant property that may be mixed, marital, or separate.
- Assign to that property a certain specific value
- Then divide that property equally
So, an essential part of your Virginia divorce will be the valuation of the contested property.