Getting divorced can be a challenging situation, especially when two people have both been involved in accumulating the property that they jointly own. Deciding who will get what through property division can spark a variety of emotions, especially when the two are not on the same page in Virginia. Some advice can help the parties to make the best choices regarding what to do with what is often a couple's most valuable asset -- their home.
The state of Virginia has a system for the equitable distribution of assets in these family law proceedings. This means that both parties in a marriage are entitled to receive a fair portion of the value of the marital home they owned together. This is true unless something else is spelled out in court documents.
It is essential to note that, even if one person decides to live outside of the home during this type of family law proceeding, the parties are typically required to continue to share the expenses of maintaining the home. The valuation date, which is the date an appraiser uses to determine how much the house is worth, plays an important role in the proceeding as well. If the value of the property goes up after this valuation date, any extra revenue earned through the sale of the house may end up in the pockets of the party who elected to keep the home.
Two married people often have emotional ties to a shared home. A prenuptial or postnuptial agreement is especially helpful because it can spell out the couple's wishes long before the issue of property division arises, thus increasing their chances of experiencing a mutually desirable outcome. An individual can rightfully seek his or her best interests while striving for a fair solution with the other party in Virginia. In those instances where the parties simply cannot come to an acceptable agreement, a court will consider the evidence presented and make the decision for them.
Source: The Huffington Post, What to Do With Your House in a Divorce Case [Infographic], Christian Denmon, Denmon & Denmon Trial Attorneys, Dec. 9, 2013