Property division during divorce may not always be as straightforward as the divorcing couple would like. When complex or high-value assets, such as a business, are involved, there can be challenges divorcing couples should be prepared for so that they can take them head on and protect their interests.
When a Virginia couple decides to end their marriage, one of the first questions that must be faced is the division of the couple's assets. This question can be especially vexing when at least one of the partners was previously married or if the couple owns a significant number of assets. Virginia requires that marital property be divided fairly and equitably, and the first step to making that decision is to classify the couple's assets as marital, separate or part marital and part separate.
Virginia divorce laws require that a couple's property be divided fairly between the spouses. Real estate can be a difficult barrier to reaching this outcome because most real property is illiquid and cannot be easily divided. The family home therefore often presents a special problem because, for most divorcing couples, the family home is their largest single asset.
When Virginia residents begin to consider ending their marriage, one of the first questions is what will happen to the couple's assets and debts. Virginia courts are guided by a legislative enumeration of factors that the courts must consider.
Occasionally when a couple in Virginia divorces they will agree to sell their family home and divide the proceeds. However, it is often the case that one spouse will keep the family home, especially if the couple has children living there. When this happens, couples will need to decide how to handle the mortgage once their divorce is complete.
Most people in Virginia have ordered something from the online retail giant Amazon at some point in time, and it seems like the company grows in popularity every day. The CEO of Amazon, Jeff Bezos, has recently settled his divorce with his wife, MacKenzie Bezos.
When a couple in Virginia decides to end their marriage, they will need to make some important decisions regarding the division of their assets and liabilities. These decisions can affect their entire future post-divorce. It is important for each party to be prepared with the right information before property division negotiations begin.
Divorce involves not just the unraveling of a personal relationship, but also a financial relationship. Virginia couples seeking to end their marriage will face financial and property issues that must be resolved before they can part ways. Property division is a major focus of many divorces, and its outcome can affect a spouse well after the divorce has concluded. It can help to keep a few points in mind when it comes to the financial aspects of divorce.
Paying spousal support can be a sticking point between a couple, even after their divorce is finalized. Not only does it tie a person to an ex-spouse well after their marriage has ended, but life events may occur that makes one party feel the spousal support order needs to be modified. However, not all spousal support requests will be honored.
Married couples in Virginia who are facing a divorce may find that one of the most contentious issues is property division. After all, certain marital assets have significant financial or sentimental value. For example, disputes can arise as to which party will retain investment accounts or which party will retain family photos. Sometimes, couples can decide who gets what in the property division process and reach a settlement that they are both satisfied with. However, other couples will need to turn to the court for a decision on property division issues.