How are property issues handled?
Under Virginia law, the property distribution and debt allocation scheme used to classify, value, and divide assets is called “equitable distribution.” “Equitable Distribution” does not necessarily mean “equal” or “50/50” distribution, but rather it refers to a mechanism to effectuate a fair distribution of assets between two separating spouses. While oftentimes the parties agree to divide their assets equally, or the court will award 50% of the marital assets to each spouse, that is not always the case. In certain circumstances one party will be entitled to more of the assets than the other, for example where one spouse has contributed his or her “separate funds” to acquire a home or make an investment. Because there are many factors under Virginia law to consider in determining distribution of property pursuant to a divorce, and because property issues may involve very valuable assets such as the family home, investments, or retirement/pension benefits, it is crucial that those issue
