Protecting What Matters Most Through Property Division In Divorce

Dividing property during a divorce is one of the most emotionally charged and financially complex aspects of the process. The decisions made during this time can have a lasting impact on your future. Understanding how Virginia law handles property division can help you make informed decisions and give you greater peace of mind moving forward.

At Dickerson & Smith Law Group, we help individuals and families in Virginia Beach, Norfolk, Chesapeake and Hampton Roads address divorce and property division with confidence. Our lawyers have more than 100 years of collective experience. Our team-based approach means you don’t just get one attorney – you get the strength of our entire firm behind you.

How Property Division Works In Virginia

Under Virginia family law, equitable distribution is the legal standard that governs the division of property in divorce. This means courts aim to strike a fair balance in dividing marital assets and debts, which might not be an equal division. Unlike community property states, where everything is split 50/50, Virginia courts consider a range of factors to determine what is equitable.

These factors include: 

• The duration of the marriage
• The parties’ contributions to the marriage (both financial and non-financial)
• The standard of living during the marriage
• Each party’s future financial needs

Each property division case has unique considerations that must be taken into account.

What Types Of Property Are Divided?

During a divorce, a wide range of assets may be subject to property division, including:

• Real estate – such as the marital home, vacation properties or rental units
• Bank accounts – including joint and individual accounts opened during the marriage
• Retirement accounts – like 401(k)s, pensions, military pensions and IRAs
• Investments – including stocks, bonds and mutual funds
• Personal property – such as vehicles, jewelry, furniture and electronics
• Businesses – whether jointly owned or operated by one spouse

We understand how important these assets are to your financial stability. We will work hard to protect what matters most to you.

What Are The Differences Between “Marital” And “Separate” Property?

A key part of property division in many divorce cases is identifying which assets are considered marital property and which are separate property. They differ as follows:

• Separate property includes assets acquired by one spouse prior to the marriage. It also includes individual gifts and inheritances. These assets typically remain with the original owner.
• Marital property includes assets that either party acquired while they were married, regardless of title. This can include income, real estate, vehicles and even retirement accounts.

In some cases, property may be a mix of both. Our attorneys help clients trace and classify these assets to work towards a fair outcome.

How Property Is Valued

Before the court can divide property, it must be accurately valued. This process often involves:

• Real estate appraisals
• Business valuations
• Retirement benefits assessments
• Personal property inventories

We collaborate with trusted professionals to secure fair and accurate valuations. This allows us to advocate for a division that reflects your contributions and protects your future.

Start Your Next Chapter With Confidence

We know that divorce is more than just a legal process – it’s a life transition. Our attorneys can assist you through every step of the property division process with compassion, clarity and strategic insight. Contact us today at 757-828-0031 to schedule a consultation and learn how we can support you through this important chapter.