Later-Life Divorce and Property Disputes in Virginia
When you're ending your marriage later in life, you and your spouse may own significant assets. This can bring up concerns about a divorce property dispute. A Virginia Beach divorce attorney can address your questions and concerns regarding this and other financial issues.
Late-life divorce is on the rise. At an age when many people think of settling down on the front porch swing, many couples are looking at leaving their incompatible marriages and starting new lives. This trend toward divorce at midlife and beyond can be traced to a variety of factors. Changing attitudes about relationships and divorce play a big role in this shift, as do longer life spans. Couples approaching retirement age may realize that they will be spending a great deal of time with each other in the coming years, and this realization can place incompatibilities in focus.
Practical Challenges of Later-Life Divorce
A couple who has been together for many years and who is established in their lives may have accumulated a respectable amount of resources, both separately and as a couple. When divorce is discussed, it's easy for concerns about “who gets what” to turn into bickering and discord among the already-stressed parties.
In a divorce, the court's goal is to be fair and equitable when dividing assets between the parties. In some divorces, it's fairly simple to divide the property according to state laws that address joint and separate property.
Separate property refers to assets the spouses acquired prior to their marriage. It's what they each brought into the union. Joint property refers to property that the couple acquired during the time they were married. Separate property can become joint property under some circumstances, like when a spouse brings something (for example, a business) into the marriage, and the other spouse invests time and/or money into improving it.
Some assets can be difficult to divide because it's difficult to appraise the value. Businesses and artwork often fall into this category. With other types of assets, as is the case with retirement or pension plans, there are very detailed federal guidelines that apply when dividing them.
In any case, if you have assets that need to be divided, you should seek legal counsel as soon as you can. You want to make sure that you're treated fairly and receive what is due to you under the law. Your attorney can use the services of accountants, estate planners, appraisers, and other experts to help decide on reasonable property division strategies.
Contacting a Virginia Divorce Attorney
There are very specific rules governing divorce in Virginia. At Hofheimer Family Law Firm we are committed to providing you with the experience and compassion you deserve and the successful results you need to move on with your life. , or – 1-757-425-5200.