Divorce can create complex financial issues for a couple. If you are considering getting divorced, you need to think about how you will divide all the property that you and your spouse have accumulated together during your marriage. Depending on how long you have been married, you might have acquired various assets and debts. When you get divorced, you need to figure out how to fairly divide those assets and liabilities.
A knowledgeable McLean property division lawyer could help you through this complicated time by answering your questions and offering you helpful guidance. Our family law attorneys are ready to guide you through the process.
Only Marital Property is Subject to Division Upon Divorce
If you are thinking about separating from your spouse, you need to be aware of the difference between marital and separate property.
Marital Property
Marital property includes all assets acquired by one or both spouses during the marriage.
The following are examples of marital property:
- Both spouses’ work earnings, retirement accounts, 401(k) plans, and pensions
- Homes paid for with marital funds – Depending on the facts of the situation, real estate can be considered marital property even if only one spouse is named as the owner
- Personal property, such as cars, jewelry, artwork, and furniture
- Bank and brokerage accounts, stocks, and bonds
- Businesses or ownership interests in family businesses that were developed or funded during the marriage
Under Virginia law, only marital property is subject to division upon divorce.
Separate Property
All property that a spouse has prior to the marriage is generally considered to be separate property. Gifts or inheritances that are given to only one spouse during the marriage are also not considered to be part of the marital estate. If a couple gets divorced, each spouse would generally get to keep their separate property. However, if the spouses treat the separate property as marital property, such as by commingling it in the same bank account with marital assets, a court might consider it to be marital property. A couple can also specifically exclude certain property in a prenuptial or postnuptial agreement.
A seasoned McLean attorney could carefully consider all assets to ensure that all marital property is taken into consideration when dividing the property. Additionally, a dedicated legal team could work closely with financial specialists, such as accountants, to ensure that all marital assets receive accurate values to ensure a fair property distribution.
How is Marital Property Divided in McLean?
Under state law, marital property is divided according to a system of equitable distribution. Instead of each spouse automatically getting 50 percent of the value of each asset, a court would distribute the marital property in a manner that is fair to both spouses. When making a determination, as outlined in Virginia Code § 20-107.3, courts often consider the following factors:
- The length of the marriage
- The health and age of both spouses
- The economic circumstances of each spouse
- The financial and non-financial contributions made by each spouse to the marriage and to the maintenance of the marital property
- The amount of spousal support
- The circumstances that led to the end of their marriage, such as an extramarital affair.
- Whether the marital property is liquid
- How and when specific marital property was acquired
- Possible tax consequences of distributing certain marital property
- Whether either party used marital property for nonmarital purposes
An experienced McLean attorney could zealously represent an individual’s interests in getting a fair share of property by gathering evidence to build a strong case on their behalf.
Speak with a McLean Property Division Attorney
If you are considering a divorce, you need to reach out as soon as possible to a knowledgeable local attorney who knows how to skillfully and aggressively stand up for your rights.
Speak with a knowledgeable McLean property division lawyer from Capital Family & Divorce Law Group of Price Benowitz LLP.
N/a