Charlottesville Property Division Attorney

Looking After the Best Interests of Our Clients Going Through the Equitable Distribution Process in Charlottesville, Virginia

Family law issues are among the most legally complex and emotionally challenging legal matters argued in Virginia courts. Not only must various factors be determined to ensure a fair outcome in a family law case, but the process of ending a marriage, going through a legal separation, child custody disputes, alimony negotiations, or dividing marital assets can be draining and potentially traumatizing. Those going through such difficulties are encouraged to choose law offices well-versed in providing compassionate, aggressive legal representation. 

If you are going through a divorce in Virginia, one of the central issues that must be resolved is how to distribute property and debts between the divorcing parties. Virginia operates under an equitable distribution doctrine for dividing assets between separating spouses, meaning marital property is not necessarily equally divided but is divided in a manner the court deems fair and just. Various factors can determine how property and assets are divided between the spouses, and these concerns can be complicated even in the most ideal circumstances.

Our law firm has extensive experience representing divorcing spouses to ensure that assets are divided fairly and that our clients achieve the optimal outcome in their family law cases. Our Charlottesville property division attorney has successful past results representing clients in these family law matters, and our legal team would be proud to represent your best interests throughout the divorce and division proceedings. To learn more about the benefits of retaining our legal services, contact our Charlottesville law office to schedule your initial consultation today.

How Does Property Division Work in Virginia Divorces? 

Property and debt division can be one of the most hotly contested legal matters in any divorce case. Our family law firm, located in Charlottesville, VA, provides compassionate legal representation to clients involved in divorce and equitable distribution matters.

To begin, divorcing spouses must understand how Virginia’s equitable distribution process works. Firstly, it’s essential to understand the difference between separate and marital property, so that you know which assets may be at risk of being divided with your soon-to-be ex-spouse.

In Virginia, marital assets and marital property are divided equitably, meaning they are divided in a way the court deems fair, but not necessarily in an equal split. Depending on your unique circumstances, your assets will be divided based on various factors, such as each spouse’s contribution to the marriage, the marriage length, and more. You must understand it will not necessarily be a 50/50 split of marital assets.

In certain situations, spouses may have a property settlement agreement outlining how their assets are divided. Otherwise, they must engage in negotiations to achieve a favorable outcome that benefits both parties. If no agreement is reached during the negotiation process, court orders will determine how assets are divided.

What Are the Stages of Equitable Asset Division in VA? 

Virginia property division proceedings operate without a presumption that assets must be divided equally between the divorcing spouses. Our state operates by the equitable distribution process, which has four primary stages.

The primary stages of Virginia property division cases include the following:

• Each spouse must accurately identify all existing marital assets and shared debts, which can also include determining which assets may be considered separate property.
• After identifying all existing assets and debts, these properties must be classified as either belonging to one of the spouses, both spouses, or, in complicated cases, commingled between each spouse.
• Next, the actual value of all marital assets and debts must be determined, which may be accomplished with the assistance of professional appraisers and forensic accountants.
• Finally, assets classified as marital property will be fairly divided between the spouses according to Virginia laws and equitable distribution proceedings.

Our equitable distribution attorney has years of experience in these legal issues and can assist you throughout every stage of the process. To learn more, please get in touch with the attorney and his legal staff to schedule your no-obligation case evaluation today.

What is the Difference Between Marital Property and Separate Property? 

When going through property division proceedings, one of the most critical questions is determining the distinction between marital and separate property.

While marital assets are subject to property division in Virginia divorce cases, separate property is not. Separate property will be retained by the individual spouse who owns that property, and the other spouse will not be able to obtain it in the asset division process.

What is Marital Property?

Marital assets are any pieces of property or finances obtained during a Virginia marriage. Marital property is subject to asset division, meaning that the court will divide these assets in a way it deems fair between the divorcing spouses.

Examples of assets that could be considered marital property include the following:

• Any funds acquired during the time of the marriage
• Bank accounts that are in both spouses’ names
• Businesses
• Cars, watercraft, and other vehicles
• Government and military benefits 
• Investments made during the marriage
• Life insurance policies with cash values
• Marital or shared debts
• Pensions
• Real estate purchased during the marriage
• Retirement accounts
• Stocks and bonds
• Timeshares
• And any personal property owned by both parties

Depending on your circumstances, you have the possibility of retaining specific marital property, such as the primary residence that you once shared with your spouse. Typically, keeping the marital home depends on your ability to buy out the other spouse’s interest and assume the mortgage responsibilities. Similar rules apply to other marital property, and we can help you explore your legal options for retaining the property you wish to keep.

What is Separate Property? 

Non-marital assets are those that were obtained either before the marriage, after a separation, or are otherwise solely for the use of one party. For example, any investments, property ownership, or debts acquired before the marriage ceremony may be considered separate property. Additionally, inheritances received by only one spouse, as well as gifts received by one party, may be regarded as separate property.

Examples of what may be considered separate property in your divorce case could include the following:

• Homes and other real estate property purchased before the marriage or acquired via a gift or inheritance
• Personal injury settlements and other types of financial compensation acquired by only one spouse
• All property or assets inherited by only one spouse during the marriage, as well as valuables and belongings acquired before the marriage

How Are Debts Divided? 

Virginia courts consider marital debts as part of the equitable distribution process. Courts will determine how these assets are divided, which portion is considered marital, and what may be considered separate property.

Examples of debts that could be considered shared between the spouses include the following:

• Any debts incurred during the marriage for the benefit of the family unit are generally considered marital debts and will be divided between the spouses by the courts.
• Debts that are considered part marital and part separate are typically regarded as commingled debts, and may also be subject to property division.

Debts that may not be subject to asset division could include the following:

• Debts incurred before marriage are usually considered separate debts and belong only to one person.
• Before signing the divorce papers, but after separation, any debt incurred during this time is likely to be considered one person’s separate debt.
• In many cases, debts incurred during the marriage but not for the family’s benefit are not considered marital debts. For example, gambling debts and irresponsible spending may only be considered the debt of one individual.

What is Commingled and Hybrid Property? 

In certain specific circumstances, a spouse may hope to claim a portion of the other spouse’s separate assets if commingling of those assets has occurred.

Hybrid or commingled property is that which was previously possessed only by one spouse but which became complicated due to contributions made by the other spouse. When marital and separate assets are combined, as when an inheritance is deposited into a joint bank account and used to pay marital bills, the resulting property is hybrid, part marital and part separate. In such cases, it is essential to retain the legal counsel of an experienced attorney who can work with forensic accountants to ensure the proper classification and distribution of these assets.

What Factors May Influence How Virginia Courts Divide Marital Assets? 

Various factors can influence how the courts determine a fair and just division of assets.

Virginia courts will consider the following factors in your property division case.

• The length of the marriage
• Tax consequences for each party
• How and when personal property or real estate was acquired during the marriage
• Grounds for divorce 
• Age, mental, and physical health of each spouse, as well as the life expectancy of both parties
• Debts and liabilities, and how they are tied to marital property
• Each spouse’s contributions to the marriage and family unit, including both monetary and non-monetary contributions
• The determination of whether property is liquid or non-liquid
• The question of whether either party used marital funds or shared property for non-marital reasons or with the expectation of filing for divorce
• And more

What May Complicate a Fair Division of Assets? 

Individuals or families who own businesses, those with extensive investments, and spouses with intermingled marital and non-marital assets may have a more complex asset division process in their divorce proceedings.

In such cases, it’s critical to properly value all business assets, retirement benefits, trust funds, investments, and other similar assets to ensure that proceeds are divided fairly.

If you have a complicated asset division case, we strongly recommend that you seek the professional legal representation of our property division attorney to ensure a more secure financial future for yourself. For help securing your future, please contact our law firm for legal assistance.

How May a Separation or Property Settlement Agreement Affect Your Case? 

A marital separation and property separation agreement is created to cover various circumstances in the possibility of a future divorce. Among the many factors that can be addressed in a property settlement agreement is how to divide assets and debts fairly between the spouses.

While a property settlement agreement is not required in Virginia, it is nonetheless highly recommended that you create one, especially if alimony is needed or if the spouses have any minor children.

In uncontested divorces, each spouse may consent to an out-of-court settlement determining how the division proceeds. In contested divorces, it may be necessary to pursue litigation with the experienced legal representation of our law firm.

What if One Spouse is Hiding Assets? 

Unfortunately, there may be situations in which one spouse hides assets during the property division process to keep funds or other property for themselves. 

In such situations, our experienced legal team, led by family law attorney Jason Seiden, will use various discovery tools, such as interrogatories and subpoenas, to uncover hidden property, investments, and bank accounts. 

Why Choose Our Law Firm for Your Family Law Matters? 

Our law firm has a proven track record of success assisting clients with various family law issues, including property division. We have excellent client experience, with a focus on supporting individuals facing difficult life experiences. We operate with confidence, competence, and communication so you can make informed decisions about how to proceed with your legal issues.

Our law firm will always look out for your best interests so that you can feel assured that your case is in good hands. While we treat our clients with compassion, we are also aggressive litigators if the situation calls for it.

While your family law case may be emotionally challenging and potentially even traumatic, working with legal counsel does not have to be. Contact our law firm for legal assistance.

Contact Our Family Law Office to Discuss Your Legal Matters with an Experienced Charlottesville Property Division Lawyer Today

If you have questions or concerns about how property division works and what may transpire in your case, we encourage you to contact our law office to discuss these matters with our experienced lawyer and legal staff. We have extensive experience in these legal issues, making us highly qualified representatives who can defend your rights and best interests throughout the proceedings.

To get started, we recommend you contact our office to schedule an in-depth case review with the attorney today. You can reach us at 434-361-4402.