Virginia Beach Divorce Lawyers Experienced In Property Division Of Maritial Assets
Even if you do not own significant financial assets, the process of equitable distribution can be extremely time-consuming and daunting. Virginia law makes a distinction between separate assets and marital assets and how they are treated during divorce. The legal team at The Stallings Law Group, P.C. can provide professional guidance and cost-effective solutions to resolve property-division disputes.
Inventorying and appraising the value of your assets and debts is the first step toward resolving your financial problems. Once you have this information in order, a property division lawyer can review the facts of your case to approximate what you might be entitled to during an equitable division proceeding. Records from a Premarital Agreement, Postmarital Agreement, Separation Agreement or separated accounts may be helpful, but you should also provide your property division attorneys with as much information as possible about your outstanding assets and debts:
What is equitable distribution?
An alimony attorney can explain that Virginia is not a community property state, but rather an equitable distribution state. Assets do not get divided in an even 50/50 split. Instead, courts consider several factors when deciding whether the distribution seems fair. It is possible for one spouse to get 70 percent and another spouse to get 30 percent if the judge finds evidence that one spouse wasted assets while the other significantly contributed to the marriage. To distribute the marital property equitably, courts use a sliding scale approach that is somewhat imprecise. The property division lawyers at The Stallings Law Group, P.C. who serve Virginia Beach, Hampton Roads and Suffolk, VA. can explain in further detail how these criteria factor into the calculation:
- Length of the marriage
- Age, mental and physical condition of each spouse
- Age and mental capacity of the children
- Physical condition of the children
- Contributions of each spouse to the family (e.g., homemaking, child-rearing and career-building)
- Contributions of each spouse to the maintenance and acquisition of marital property
- Debts accumulated by either spouse before or during the marriage (e.g., student loans)
- Property that secures outstanding debts
- Circumstances leading to the divorce
- Circumstances leading to acquisition of marital property
- Tax consequences to each party
- Use of funds in anticipation of divorce
- Other factors
A Virginia Beach property division lawyer can help work out the fair division of marital property.
Seek experienced legal aid
The divorce lawyers serving Virginia Beach at The Stallings Law Group, P.C. are ready to help you with property division matters. Call 757-422-4700 or contact us online. We offer free initial consultations during which we can discuss your case with you in detail.