In terms of a divorce, there are going to be two types of property that will need to be divided between the divorcing parties. There is going to be real property, things such as homes, land, and commercial buildings that the two parties own. There is also personal property, which is all other property from retirement accounts, bank accounts, cars, and antique collections, to furniture.
Distribution of property and assets is an essential part of a divorce, and the process can be streamlined with the help of an experienced divorce attorney. A Virginia property division lawyer will best be able to help divorcing parties properly execute the division of their assets.
Equitable distribution is the term that Virginia uses for the division of property and debts. There are a number of things the court has to do in order to equitably distribute property and debts. The first is to determine whether a particular item or property is marital, separate, or hybrid, meaning part marital and part separate.
After that, the court has to assign a value to the property, once that is done then the court is required to divide all marital property between the parties based on the consideration of a number of factors that are set forth in the Virginia code. A seasoned Virginia property division attorney is essential in determining the best for both parties in distribution. The factors that the court has to consider include the financial and non-financial contributions of the parties, such as the marriage, house, and certain items or property that were required, and then tax implications to each party in the division of these items.
Community Property State
A community property state is one which considers all property between the parties to be owned equally and entirely by each spouse, and the rules in such estates are different in terms of dividing property. Virginia is not a community property state.
Property Settlement Agreements
A property settlement agreement is an agreement reached by the parties in conjunction with the separation and divorce regarding the division of property and debts. And a property settlement agreement can resolve all items and property and debt division or just some of them. In deciding what to consider in entering into a property settlement, the parties should make sure they are aware of what the court is going to consider to the case be litigated and what the likely range of outcomes will be regarding the division of property and the division of liabilities. If the parties are working cooperatively, they also should consider what works best for each family in terms of dividing these items, which can be aided by the help of a well-practiced property division lawyer in Virginia.
How Property Is Distributed
There is a number of ways that property can be distributed. The court is not allowed to convey certain titles of property from one spouse to another if it is only titled in the name of one spouse. But what can happen is the court can say, for example, the marital home goes to one spouse but that spouse has to pay a monetary amount to the other spouse as their share of the value in the house. Items of jointly titled property can be awarded to one party or the other. Additionally, the court has the authority, especially if the parties cannot agree on who should receive a particular item of a property, whether it is real property or personal property, to order that property sold and then divide the proceeds between the parties.
Work With A Virginia Property Division Attorney
It is essential to make sure that a person shares a number of things related to their property with their Virginia property division lawyer. For example, when was the property purchased, what money was used to purchase the property, and where did that money come from? In certain circumstances, it is important to note which spouse uses the property more, like in the case of the vehicle, usually one spouse has a vehicle and the other spouse has a vehicle they each use for their own purposes.
In addition, it is important to make sure that a person’s attorney understands if there has been an increase or decrease in value of the property as a result of the actions of one or the other spouse to explain that to their attorney so that they can make the best case possible for dividing their assets. Call now to schedule a consultation with a knowledgeable legal professional.