How do divorcing parties determine who keeps the house? The retirement plan? The dog? The debt? In a divorce, all respective assets are identified, valued, and allocated between the parties – this can range from bank accounts to vehicles, or businesses to real estate, do not hesitate to contact our Fairfax property settlement lawyer from Curran Moher Weis to help you protect your future.
Going through a divorce stirs up many emotions, including stress and anxiety. A divorce attorney can help ease some of the pressure and get you through the challenging times ahead.
The divorce lawyers at Curran Moher Weis can help you navigate your divorce and provide the highest-quality legal representation from beginning to end. Our firm has a unique understanding of the divorce process and divorce laws, and we utilize our knowledge, skills, and resources to seek the best outcome for you.
Having a lawyer on your side gives you peace of mind and hope for a brighter future. Curran Moher Weis is here for you.
In Virginia, depending on the details of your situation, there are multiple avenues you could take to achieve the end of a marriage.
If you and your spouse are agreeable to the marriage, you may file for an uncontested divorce. If you’re not able to agree on certain key points, the divorce is contested.
You may decide to use mediation or collaborative divorce to work together with your spouse and attempt to avoid taking your case to trial. Or, in some cases, the trial may be unavoidable and the best way to finalize your divorce.
Whatever option turns out to be best for a couple, one thing remains true: property distribution is one of the essential matters addressed during any divorce.
Because property division is so vital, it’s particularly beneficial to have an experienced divorce attorney at your side. Our divorce lawyers have plenty of experience helping clients get their fair share in a divorce.
Separate property:
Any property that was acquired prior to your marriage or acquired by a separate gift or inheritance during the marriage from anyone other than your spouse is considered separate property. Proving property is separate may be difficult, so if you believe that you or your spouse have items of separate property, you should make your attorney aware of this as early in the process as possible.
Marital property:
Big or little, pricey or inexpensive, anything that was acquired during the marriage by either party or both parties together – regardless of whose credit card it went on or whose name is on the title – is presumed to be marital property.
Hybrid property:
Part marital and part separate property is classified as hybrid property in a Virginia divorce. Common examples of this include a home purchased during the marriage where the down payment came from one or both parties’ pre-marital savings, or an IRA with contributions both before and after the marriage. In general, the party seeking to classify property as a hybrid has the burden of proving this.
To determine what property is eligible for distribution, the court deciphers between separate and marital property.
Generally, spouses are able to keep their separate property. The court only considered marital property and assets for distribution between the spouses.
In some special cases, courts will consider property or assets that both spouses enjoyed or were used for the benefit of the marriage, even if it was originally considered separate property.
Property up for distribution can include:
Proving the difference between marital property and separate property can be exhausting and require plenty of evidence. Fortunately, our divorce attorneys know how to handle this aspect of your divorce.
The process of property division in a Virginia divorce is called “equitable distribution” but this doesn’t necessarily infer that there is a 50/50 split of the assets. Many factors are considered when dividing property, including the duration of your marriage, the monetary and nonmonetary contributions of each party to the family and property, circumstances surrounding the divorce, and much more. In the process of property division, valuation is critical. Determining the fair value of marital, separate, and hybrid property in a divorce allows for a truly equitable division of the assets. An experienced Virginia divorce attorney has the knowledge and resources – such as access to accountants, appraisers, and other professional financial experts – to help you present an accurate and reasonable picture of the value of your assets to the court.
If you and your spouse can work together to handle your divorce, you can determine what is best in regards to property division amongst yourselves. But if you cannot make decisions on how to divide your property, you may need to involve the court.
A judge will review the details of your case and any evidence and testimony presented during the duration of your divorce proceedings. Additionally, they will utilize certain factors to make decisions regarding property distribution, including:
A spouse’s contributions can weigh heavily on a judge’s decisions. Monetary contributions include those made to acquire property, maintain the property, and increase its value. Non-monetary contributions include those made in the family home, child care, and maintaining the family’s wellbeing.
If a spouse has listed grounds for divorce, including adultery or abandonment, a judge may also consider these details. For example, the judge could decide to increase one spouse’s share if the other spouse was using marital funds while committing adultery.
These and other details could help a judge decide what fair distribution of marital property would look like.
Property and assets aren’t the only distributions made during a divorce – debts must also be divided.
Distributing debt is handled similarly to property and assets. So, if one spouse incurs separate debt, they would have to pay it back themselves, as it would be unfair for the other spouse to take responsibility for it. If the debt is marital debt or liabilities either spouse acquires during the course of the marriage, the court will divide the debt equitably between the spouses.
It is worth noting a judge can only divide marital debt – they cannot change details or agreements with lenders. Therefore, if the judge divides a marital debt that both spouses are liable for and the spouse responsible for it fails to pay it, the lender is entitled to go after both spouses.
Our divorce attorneys are well versed in handling debt distribution along with property and asset division.
Property settlement agreements, also known as separation agreements, address the rights of both parties regarding property division, of course, but also custody, visitation, child support, and spousal support. Whether your PSA is scribbled on a piece of stray notepaper or formally drafted, it is a contract. The majority of Virginia divorce cases resolve with the signing of a PSA so it is important to make sure it is drafted correctly. Never, ever, sign a PSA or any other agreement with your spouse, no matter how short or inconsequential it may seem, without having it reviewed by your attorney first.
Property division in a Virginia divorce has many facets. The best Fairfax Property Settlement Lawyer at Curran Moher Weis can help represent your interests and protect your future when it comes to divorce and property settlement outcomes. Request a consultation today.
G.B.
Brad
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Jacquelyn
