§ 20-107.3. Equitable Distribution of Marital Property
When a Virginia court grants a divorce, it has authority — on either party’s request — to classify, value, and divide the couple’s property and debts under the Commonwealth’s equitable distribution statute. The court first classifies each asset and debt as separate, marital, or part-separate/part-marital property, then determines its value, generally as of the date of the evidentiary hearing for property and the date of separation for debt.
Equitable distribution does not mean an automatic 50/50 split. The court weighs a range of statutory factors, including each spouse’s monetary and non-monetary contributions to the marriage and to the acquisition of marital property, the duration of the marriage, the circumstances contributing to the dissolution (including any fault grounds), and each party’s age, health, and earning capacity, among others. The statute also gives the court continuing authority to enforce its orders, including through the assignment of retirement benefits by qualified domestic relations order and, where appropriate, orders addressing jointly titled property.
This framework is particularly significant in high-asset matters involving closely held businesses, executive compensation, retirement accounts, and real estate portfolios, where classification and valuation questions often drive the outcome more than the statutory factors themselves.
Va. Code § 20-107.3 (Code of Virginia)
