How are property and debts divided in Virginia if the parties to a marriage cannot agree? - The process of equitable distribution can be used to resolve property and debt division in divorce cases in Virginia. - Equitable distribution involves several steps that must be followed by the judge. - The first step is to classify all the property into three categories: marital property, separate property, and mixed or hybrid property. - Marital property refers to property acquired during the marriage until the date of separation. - Separate property includes assets owned prior to marriage or acquired through inheritance or gifts from someone other than the spouse. - Mixed or hybrid property is a combination of marital and separate property, often resulting from the contribution of one spouse's separate assets towards a jointly acquired property. - Real estate is a common example of hybrid property in Virginia. - Valuing the property is the second step in equitable distribution, typically done as of the hearing date. - However, if certain items of property are no longer in existence at the hearing, a special motion can be filed to request a different valuation date. - The judge is responsible for assigning a value to each party's property. - The final step in equitable distribution involves determining the interests of each party in marital property. - Virginia utilizes different approaches, such as the Brandenberg formula and the Kealing formula, to apportion and trace individuals' interests in marital property. - These formulas also consider how much credit should be given to a party if the property appreciates. - Overall, in Virginia, property in a divorce case is classified, valued, and divided through the process of equitable distribution.
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Virginia equitable distribution s Form: What You Should Know
The principle of equitable distribution is essentially the same as that for dividing real property — equitable share is determined “by dividing the assets of both parties with reasonable care and skill.” The court in a suit by either party to a prior marriage may reduce a unwinnable property division award if: The court finds that the modification is just and equitable The court determines a modification is in the best interests of the parties to the suit the court finds that the modification will not result in an increased or decreased equitable distribution Eliminates a judgment creditor or judgment claimant's interest in the judgment The court will only decrease a judgment creditor's interest in a judgment if the noncredit or's interest must be eliminated in order to award the noncredit or the balance of the money to which the judgment creditor is entitled. Any order of the court establishing an equitable distribution amount must be supported by a written record supported by sworn affidavits and any supporting documentary evidence. The Court may allow the parties a reasonable time to establish a financial plan which may include the transfer of a controlling interest in the financial assets of the other or a payment schedule for any income, savings and other resources of both parties; except that this right is waived in any case in which a child custody modification cannot take place. Both parties must agree in such cases. This provision is also required if one or both parties are financially unable to make an agreed upon financial plan. Separate or Married: In any of these cases, the Court can consider the financial requirements of either of the parties, or, if neither party is financially able to make an agreed upon financial plan with respect to the other, the Court will consider the financial needs of the children of the parties. In a case involving an agreement to share an investment in the marital home, the court shall consider the financial needs of the spouses and of other family members in addition to the financial needs of the property involved in the agreement. The Court may consider the best interests of the children in the order establishing the reasonable income and/or assets available to each spouse. In cases where such financial requirements have not been made by the parties and there is no reasonable basis upon which to reduce a division of property, the Court, upon review of the pleadings and the evidence in the case (see below), may make an award based on a reasonable division of property based on the financial need of the parties and the property involved in the agreement or as otherwise provided in the agreement.
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