Ending a marriage is always a difficult process. Besides sorting out custody and child support arrangements, you must also divide up property, assets, and debts when going through a Virginia divorce. Having an experienced Virginia Beach divorce lawyer on your side is crucial. A Virginia divorce attorney can help you understand the difference between marital and separate property in order to have a fair division of property.
Women have special concerns when going through a divorce. The Virginia divorce lawyers at Hofheimer/Ferrebee only represent women, and are sensitive to your needs at this stressful time. They will work to advocate that you receive a fair divorce settlement that takes care of your needs as well as those of your children.
Virginia Division of Property: Marital Property
In a Virginia divorce, marital property is classified as any money or property that was acquired during the marriage. For example, if you and your spouse bought a house together after you were married, it is considered martial property. Likewise with your income; if your paychecks were deposited into a joint checking and savings account, it is marital property.
While some states split marital property 50/50 in a divorce, this is not the case in a Virginia divorce. Virginia courts use "equitable distribution" to settle division of property disputes. This system is used to fairly split the couple's marital property, while keeping in mind both spouse's financial and nonfinancial contributions to the marriage.
Determining Value of Marital Property
In a Virginia divorce case, the court will look at property titles and ownership in order to set a monetary value for each asset. The court will also look at all of the property to determine what is marital or separate. After taking the above into account, the court will split up the property amongst the spouses, or order one spouse to pay the other a monetary award.
It is extremely important to have a skilled Virginia divorce attorney on your side to help you with the division of property. Your Virginia Beach divorce lawyer can assist you in uncovering assets that your spouse has hidden or collect evidence that a piece of property in question is in fact marital and not separate.
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info on collaborative divorce-www.virginiacollaborativelaw.com
information-estate planning for young families-www.generationslawfirm.com
information-family law and estate planning for the LGBT community-www.FamilyEqualityLawCenter.com
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