What Property Can Be Divided?
If you and your spouse have acquired a considerable amount of assets over the course of your marriage, you need to know how to protect your rights to those assets. If you are contemplating or filing for divorce, Russell W. Ray, PLLC, can help you achieve a fair distribution of your and your spouse’s belongings and property.
From our office in Fairfax County, we represent clients in property division disputes involving items such as:
- Real estate, including the marital residence, vacation homes and rental properties
- Pension benefits and retirement assets
- Valuable assets such as electronics, jewelry and cars
- Business interests
- Investment income and savings
- Debts, if there are any
How Is A Fair Distribution Determined?
In Virginia, marital property division is based on the principle of “equitable distribution,” which means a judge will determine your fair share of the assets and debts accumulated during the marriage. Marital property is often but not always evenly split.
When deciding how to divide your property, the judge will look at:
- The length of the marriage
- Each spouse’s financial and nonfinancial contributions to the marriage
- Each spouses’ income or earning capacity
- Value of property such as a spouse’s business or retirement plan
One of the most important parts of the property division process is determining which assets are “marital,” and thus subject to division, and which are “nonmarital” assets, meaning property accumulated before the marriage or acquired during the marriage through inheritance or gift.
Marital assets will be distributed by a judge based on the factors above, while you will keep nonmarital property that belongs to you. Depending on each of your financial situations, one party may also be ordered to pay spousal support.
Ask A Lawyer What You Can Expect
We are experienced in dealing with the complicated legal issues involved in the equitable distribution process. We also know how to work with forensic accountants, appraisers and business valuation experts to determine the true value of your assets and to make sure your spouse is not concealing assets from you.