Going through a divorce is often emotional and may be a bit overwhelming at times. You may be busy figuring out details regarding your living situation, making decisions regarding your financial arrangements and determining child custody. One of the most difficult topics to negotiate during a divorce, however, is property division. It is hard to part with property and assets that you have accumulated throughout years of marriage. Yet you want to ensure you receive everything you are entitled to in the divorce settlement.

Virginia, like many other states in the nation, is an equitable division of property state. This means that all marital property is distributed between spouses in a way that is deemed fair and equitable to the judge presiding over the case. The couple may choose to negotiate the terms of their own property division through mediation.

In addition to the family home, furniture and vehicles, marital property consists of some, lesser common items. These include the following:

  • Intellectual property, such as copyrights, trademarks and patents
  • Frequent flier miles and other travel rewards points
  • Lottery ticket winnings, income tax refunds
  • 401k plans, stocks and term life insurance policies
  • Expensive collections, such as classic cars, art, antiques and coins
  • Memberships to exclusive country clubs and/or golf courses

Marital property also consists of any gifts that spouses gave to one another during the marriage. If one party loaned money or property to a third-party during the marriage, the other party is entitled to half once it is repaid. This holds true even if it is repaid after the divorce is finalized.