Why Is Property Division During Divorce So Difficult?
You may have clear ideas about which property and assets matter most to you when divorce is becoming a part of the discussion. The division of property that occurs during a divorce can become a very challenging process depending on your goals, perspectives, and the nature of the property and assets that need to be divided.
Call our experienced Virginia divorce attorneys at 804-767-6850.
Valuable Knowledge To Make The Most Of Your Property Division In Divorce
At Bowen Ten Long & Bal, PC, we know how important it is for you to leave your marriage with your fair share of the marital estate. Our skill in properly characterizing the nature of assets as either marital or nonmarital, along with our over 125 years of combined experience, allows us to help you pursue your property division goals effectively. From law offices in Richmond and Hanover, our lawyers are dedicated to making sure that you have the sound financial footing necessary to build the next chapter of your life after divorce. Having highly effective representation during the division of property can help you achieve that financial stability.
Frequently Asked Questions About Property Division In Virginia
Each state has different laws that govern how property is divided during a divorce. The division of property and assets in divorce can raise a lot of questions. Here, our attorneys answer some of the most commonly asked questions that arise with respect to dividing property in a divorce proceeding. However, each case has its own specific circumstances and set of unique facts. We can help answer your specific questions in a free, initial consultation.
How are possessions and property split in a divorce?
In Virginia, property and assets that were acquired during the marriage are considered marital property. Assets that were acquired before the marriage, inherited or received as a gift are considered separate property. Sometimes this is called nonmarital property. Separate or nonmarital property does not need to be divided. All marital property must be divided between the parties.
What does “equitable distribution of property” mean?
Virginia is an equitable distribution state and requires an equitable division of all marital assets. This means that property or assets are not necessarily split in half or divided 50/50. Instead, the assets are divided in a way that is fair, or equitable, for both parties. Of course, this can leave what is “fair” up to interpretation. Our divorce attorneys have the experience, resources and sophistication to help if your divorce includes the division of high-value assets and properties.
What is an example of a marital asset that cannot be divided in a divorce?
In a high-asset or high-value divorce, there can be a lot of assets that are difficult to divide. For example, an property like a vacation home cannot be split in half (unless it is sold and the proceeds divided). Or sometimes, retirement assets or investment funds are not practical to divide in half. In these instances, the court will award one of the assets to one party, and find another similar asset to award to the other party.
Division Of Property Often Becomes Contentious
Dividing property between co-owners can so easily become a contentious issue that requires a costly battle to resolve. Our firm will focus on creating resolutions that provide you with real value. We will work to preserve the value of the assets rather than expend that value on the conflict. Our experience in litigation and settlement negotiation can help us achieve that goal for you. This is also important when you and your spouse are dividing debt.
We will work to get to know you, the details of your situation and your goals. Our extensive experience can help you divide property at any level of wealth. Our commitment is to provide a good value for you in all family law and divorce matters.
Make An Appointment With Experienced Attorneys
When you are facing the questions of divorce and the division of property, it is important that you have representation you can trust. To schedule an initial consultation with one of our family law and divorce lawyers, call 804-767-6850 or contact us online.