Distribution of Property

Divorcing parties are free to enter into a settlement agreement with respect to their property.  But if they cannot agree, the Court has the power, under Section 20-107.1 of the Virginia Code, to divide the property, applying the concept of equitable distribution.  This means that all the property acquired and debts incurred during the marriage (with some exceptions) can be divided by the Court.  In making this determination, the Court must consider the following factors:

• The contributions, monetary and nonmonetary, of each party to the well-being of the family
• The contributions, monetary and nonmonetary, of each party in the acquisition and care and maintenance of such marital property of the parties
• The duration of the marriage
• The ages and physical and mental condition of the parties
• The circumstances and factors which contributed to the dissolution of the marriage, specifically including any “fault” ground for divorce (adultery, conviction of a felony, or cruelty)
• How and when specific items of such marital property were acquired
• 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
• The liquid or nonliquid character of all marital property
• The tax consequences to each party
• The use or expenditure of marital property by either of the parties for a nonmarital separate purpose or the dissipation of such funds, when such was done in anticipation of divorce or separation or after the last separation of the parties