Getting a divorce can raise many questions that some Virginia residents may not have considered before. In particular, when it comes to property division, individuals may wonder what belongs to whom and whether specific assets will be divided during the legal proceedings. If one party received a settlement or award from a lawsuit, the other party may wonder whether he or she is entitled to a portion of the funds.
Because Virginia is an equitable distribution state, the law considers most assets obtained during the marriage as marital property. Two important exceptions are gifts or inheritances left to one spouse that have not been commingled with marital assets. When it comes to dividing property, the marital assets are distributed as equitably, or fairly, as possible.
If the settlement or award was obtained during the marriage, it will likely be considered marital property. As a result, both spouses may receive a portion of the funds during their divorce. However, it is important to note that some states have specific laws to address this type of asset, particularly with regard to reimbursement for pain and suffering regarding an accident, so it is important to understand the details for a particular case.
Fortunately, Virginia residents going through a divorce do not have to try to find all of the necessary information on their own. Knowledgeable attorneys could help interested parties during their property division proceedings better understand how specific assets could be addressed. Having the right information could be the first step in allowing parties to find the best ways to approach their cases and work toward the outcomes they desire.