Are you embarking on the separation or divorce process and interested in understanding how to best divide your marital property?
Equitable distribution and division of property in Northern Virginia can be a stressful process so it helps to begin with a basic understanding of the laws that pertain to this scenario.
Virginia Law on the Division of Marital Property
Virginia state law is an “equitable property” state which means that the court decides who gets what in regards to the division of property and assets.
The goal is always to divide assets in a fair manner depending on factors such as the length of the marriage, employment situations, asset types, tax considerations, and more.
Valuation of Property in VA
The court will set values for each property item using a fair market value system which determines the current value of a property and not what was initially paid for it.
Once values have been determined the parties or court will divide the property between the two divorcees.
If there is a premarital or prenuptial agreement, the court will take into account what was separate property as outlined in that agreement.
In the case where there is an item that cannot be divided the other spouse may be required to pay a monetary amount to the other.
Disputed Property Valuations
Property division may sound deceivingly simple. Unfortunately, there can be complications in the process from property that both parties want to possible hidden assets.
In some cases, other experts from CPAs to forensic accountants can be brought in to give their professional assessment. If the parties cannot agree, evidence can be presented to a judge in court to make the final decision.
Why to Hire a Family Lawyer
Having an unbiased legal opinion during this process can help to create an easier divorce process for both parties and takes out a lot of emotion and pride that can get in the way if the decision is made without legal counsel.
Equitable Distribution and Division of Property in Northern Virginia
Are you concerned about dividing your marital property or other factors in the divorce process? Trust the Patterson Bookwalter Law Firm for all of your family law needs in Northern Virginia.
Our divorce lawyers and family law firm are here to help you reach a settlement and to divide your property in a manner that best suits your needs. Fill out our contact form or call us today at (703) 520-9533 to learn how we can help.
We have experience with property division in Fairfax County, Loudoun County, Arlington County, City of Alexandria and Prince William County from our office in Fairfax, VA.