Estimated Reading Time: 3 Minutes 30 seconds
Dividing and distributing assets in a Virginia divorce is a four-step process:
Identify and determine ownership of the asset;
Determine the value of the asset;
Classify the asset (does it belong to the marriage or to an individual spouse); and
Reach mutual agreement on how the asset will be divided using the law as a guideline, being mindful of tax implications, and assessing fairness considering a variety of factors, both financial and non-financial.