During a divorce, the property that was accumulated during the marriage will have to be divided. This is a complex part of the split, but it has to be done. The more property you have, the more difficult this will be.
For many people, this matter is handled through mediation. You and your ex can work together to determine what is going to happen with your property. Reaching accord on these matters requires negotiating and a willingness to compromise. Here are some important points to know about the process.
Virginia uses the concept of equitable distribution to divide property in a divorce. This means that everything might not be divided equally but it will be split up in a way that is fair. One spouse could end up with less than the other when the marriage is over. The status of the property in question has an impact on what happens. Assets that are classified as separate property will be given to the spouse to whom it belongs. Another time when property will be easier to divide is when there is a prenuptial agreement in place. The assets and debts will be divvied up according to the terms of that document.
Mediation for property division
If you and your ex are able to work together to get this done, there is a better chance that things will be divided according to what both parties need and desire since the court won’t be making the decision. During mediation, you can expect to compromise since this process is based on negotiations. Often, more complex cases will require multiple mediation sessions. You must think carefully about which issues are a priority to you and on which you are more flexible.
Debts have to be included
The property division process isn’t about only dividing assets. The debts that you incurred in the marriage must also be split up. There might be terms in the prenup that cover these; however, you have to think about some of the other debts that you have. When you are doing this, remember that the creditors don’t have to abide by the terms of the agreement that you have with your ex. Debts that are in an account with you and your ex will remain the responsibility of both parties unless the creditor agrees to move the debt to an individual account in only one person’s name. This is why debts must be handled carefully in a divorce.