Legal Question in Family Law in Virginia

Re: Establishing value of property and net worth

Last things first; the identity of marital property is determined as of the date of separation, but the value of identified marital property is determined as of date of trial, if there is one, or when it is split.

There is no hard and fast rule to the division of marital property or marital debt. The respective incomes of the parties is but one of several factors the court must consider when dividing property or debt.

Re: Establishing value of property and net worth

There is no mathematical formula for equitable distribution of marital property in Virginia. Instead, the courts make an equitable distribution after considering the following factors:

1. The contributions, monetary and nonmonetary, of each party to the well-being of the family;

2. The contributions, monetary and nonmonetary, of each party in the acquisition and care and maintenance of such marital property of the parties;

3. The duration of the marriage;

4. The ages and physical and mental condition of the parties;

5. The circumstances and factors which contributed to the dissolution of the marriage, specifically including any ground for divorce

6. How and when specific items of such marital property were acquired;

7. 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;

8. The liquid or nonliquid character of all marital property;

9. The tax consequences to each party; and

10. Such other factors as the court deems necessary or appropriate to consider in order to arrive at a fair and equitable monetary award.