Property Division FAQ
Northern Virginia Property Division Lawyer
If you have questions about property division, the division of assets and debts, or equitable distribution, you are not alone! Many people find this process to be one of the complexities associated with divorce and family law topics. Luckily, you can have a Northern Virginia divorce attorney on your side to ensure the best possible outcome for your case. Read more about some common property division questions below:
In the Commonwealth of Virginia, it’s called “equitable distribution, and refers to the manner in which all assets are divided among the former spouses. The courts will look at a wide range of factors, but namely, they look at the ages of the spouses, each other’s contributions to the union, the duration of the marriage, debts and liabilities, and of course, the specifics of how the marriage was dissolved.
This refers to the property and assets that were acquired during the marriage. In these cases, it does not matter who paid for it, simply that it was acquired during the marriage.
Separate property is usually acquired before or after the marriage, and you get to keep this most of the time. Sometimes though, separate property can be transmuted into marital property during the marriage.
There are three general kinds – marital, separate, and hybrid property. Your property will be categorized appropriately, and then distributed between the two of you in what the court feels is a fair manner. This includes everything – from pots and pans to retirement and investment accounts.
This is widely important because value is at the center at of this distribution. Determining fair values of business, assets, and other forms of property is paramount to a fair property division. The attorneys at our firm can aid in fair valuation through the help of appraisers, accountants, and other professionals.