The property division process in Warrenton typically involves four steps: identification, classification, valuation, and distribution.
During this stage, all the assets and liabilities owned by the parties at the time of separation are identified. “All” means everything, whether named to both spouses or either one separately.
Both spouses must disclose all their properties and debts. Knowingly hiding property is illegal and could lead to criminal charges.
During the divorce process, the assets owned by the parties may be classified as marital property, separate property, or part marital/ part separate property. This classification is important because it determines whether or not an asset will be divided between the parties or whether it is owned solely by one party.
Marital property under Virginia law generally includes all property that;
Properties classified as marital property shall be divided between both parties according to the provisions of the law.
Separate property in a divorce includes those acquired by either party before marriage and those acquired after separation. Assets obtained as gifts or acquired through inheritance also qualify as separate assets, even if they were obtained during marriage.
The court does not divide separate property, so each party goes with what they own separately. However, before declaring an asset separate, the court will consider whether or not the other party contributed to the improvement of the asset through their personal efforts. If that is the case, the court may classify the specific asset as marital property so the other spouse can benefit from their effort even if their name is not on the ownership deed.
Following this rule, your spouse may try to claim that they contributed to your separate property so they can claim them. Conversely, they could downplay your contribution to certain assets to deprive you of your share.
At Ashwell & Ashwell PLLC, we’ve seen different variations of these antics in our years of family law practice. We can defend you in such situations and work to ensure you get what rightly belongs to you.
There are circumstances where a straight marital/separate property classification may be impossible. This is common with Gray Divorce where the parties have been married for a long time and include instances where;
In such cases, the court would classify them as part marital/part separate assets. Both parties have a claim on such assets depending on how much the asset grew during the marriage and the efforts of the non-owning spouse to improve the property.
Once the assets have been classified, the marital and hybrid assets will be valued. To keep things accurate, parties may rely on a real estate appraiser to determine the true value of the assets to be divided.
This is the final stage of the property division process. Virginia is an equitable distribution state. This means marital assets are divided fairly between the parties based on what is considered just in the circumstances.
In determining what is fair to both parties, the judge will consider several factors, including the following;
If there are existing debts between the parties, the above steps would also used to determine how the debts should be divided along with the assets. Our experienced lawyers can help ensure you do not have to repay a debt you did not benefit from.
Dividing assets can get emotionally draining, especially if the separation is not amicable. Having to inventory all the purchases and investments you went through together can bring back memories, good and bad. With our Warrenton law firm, you can take comfort in the fact that compassionate and dedicated property division attorneys are handling your case and working for your best interests.
Here are some of the specific ways we can help you throughout the divorce and property division process;
Our Warrenton, VA property division attorney respects the attorney-client relationship, and you can trust us to handle your family law issues with the utmost confidentiality and diligence.
Property division is a complicated process, and you must remain alert to protect your rights and assets.
Our vigilant lawyers at Ashwell & Ashwell PLLC can be your trusted allies in this sensitive period, guiding you through the four stages of the property distribution process and toward a positive outcome.
Servicing Warrenton and Northern Virginia, our law firm provides cost-effective legal solutions for families with legal issues. So, if you have questions or concerns about child support, child custody, spousal support, and other family law matters, speak with our team.
Contact us immediately for quality legal counsel and representation. Let us help you protect your rights and set you on a solid path to a fresh start.
