Property division can be confusing in Virginia, especially if the couple has assets that are co-mingled. Working with a family law attorney is a good way to ensure you are treated fairly during the property division process.
At Whitestone Young, PC, we will strive for a favorable property settlement agreement. Whether you have straightforward or sophisticated assets, our Fairfax property division attorneys have the experience to protect your interests. Please call 703-591-0200 or contact us online for an appointment.
Valuing And Dividing Marital Assets And Debts
Typical assets in a divorce may include:
- Real estate
- Personal property
- Financial accounts
- Pension plans
- Family businesses
We will value each asset and determine whether it is marital or separate property.
The court will try to divide assets and debts as equitably as possible. Virginia is a marital property state, which means the law presumes all property is marital property unless:
- One person owned it prior to the marriage.
- It was a gift or inheritance received by one person.
- One person can prove sole ownership from the date of acquisition.
- It was designated as separate property in a binding marital agreement.
Additionally, if one person contributes to the maintenance, upkeep or management of the asset, the court may consider it hybrid property. Our lawyers can help you work through this complex issue.
Marital debts are also part of the property division process. If your name is on the title of a mortgage or other loan, the lender will consider you liable for the debt. Make sure your attorney can help you address this issue during property division so you are not left with unmanageable debt.
Contact Our Northern Virginia Asset Division Attorneys
To schedule an appointment, please call 703-591-0200.