Dividing Property In Your Virginia Divorce

At the heart of every divorce, regardless of any other elements that it includes, lies the issue of property division. Once your divorce is finalized, the property that you and your spouse owned as a couple will belong to only one of you.

Asset division in Virginia is supposed to be equitable. That is, there may not be a 50-50 split. Instead, property will be assigned to one spouse or the other based on facts such as how much each spouse contributed to the growth of that property.

At Randall, McClenney, Daniels & Dunn, PC, our Virginia family law attorneys draw on over 202 combined years of experience to help clients arrive at fair and equitable asset division agreements. When couples cannot agree, a family law judge may decide. However, we work hard to help our clients adjust to the idea of making their own decisions rather than putting them in the hands of a judge who cannot possibly know the inner workings of a marriage the way the spouses do.

Why Clients Choose Randall, McClenney, Daniels & Dunn, PC as Their Property Division Attorney

With over 202 years of combined legal experience, our attorneys are readily available to help you navigate property division. We have helped many people overcome complexities throughout their divorce process, including handling high-net-worth clients. We understand the complexities you are facing throughout this legal process. When you hire our divorce attorney, you gain a knowledgeable professional who confidently navigates divorce law to protect your interests. We can assist you with various aspects of your case, including complex property division, alimony, and child custody matters.

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“When you think circumstances are stacked against you, you hire [Randall, McClenney, Daniels & Dunn, PC] they really know how to turn the tables in your favor. What an amazing group of professionals They are informative and highly experienced. Thank you.” — Michael S.

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Protect Your Financial Future

Your divorce case may be incredibly confusing and overwhelming. You do not have to handle this process on your own. Let our family lawyers help you navigate the legal issues you are facing with confidence.

Favorable but Fair Support with Division of Property

Every divorce case brings with it complications. That includes legal issues related to property division. This can have both a legal and an emotional impact on your future. When it comes to navigating property settlement, especially for critical assets like the family home, family businesses, or other valuable real property, you need an experienced attorney to guide you.

Our law firm will negotiate on your behalf to minimize negative outcomes and losses during your divorce. We provide assistance with negotiating alimony, property division, college expenses, debt separation for credit card or mortgage debt, child support, and hidden assets. The attorneys at Randall, McClenney, Daniels & Dunn, are experienced in fighting for you throughout the divorce proceedings as soon as you establish an attorney-client relationship.

Equitable Division of Property in Virginia Divorces

Under Virginia law, equitable distribution refers to the fair division of assets during a divorce. This process is guided by the principle of equitable distribution, which means that marital assets are divided fairly and justly, though not necessarily equally.

Equitable distribution often requires careful consideration of various factors in the marriage, such as the length of the marriage, any fault in the divorce, and child custody matters. The goal is not to divide assets 50/50 but according to what is fair to the parties involved.

When is a Family Asset Marital or Separate Property?

In a Virginia divorce, property is categorized into two types: separate property and marital property.

Marital property is any property jointly owned by both spouses. It is acquired during the marriage in most situations. This can include the income and retirement savings accrued during a marriage, as well as any property purchased during that time.

Separate property is any property owned solely by one spouse, often brought into the marriage by one party. This generally includes gifts, inheritances, and compensation from a personal injury lawsuit. Couples may also have a prenuptial agreement to define other separate properties.

What Are Considered Marital Assets in Virginia?

Marital assets are those obtained during the marriage. Examples include:

• Real estate, like the family home
• Vehicles purchased during the marriage
• Investments made during the marriage
• Personal property owned by both parties

What Are Some Examples of Non-Marital Property?

Non-marital assets are those that were not obtained during the marriage or are otherwise solely for the use of one party. Examples include:

• Inheritances received by one person
• Gifts received by one person

Businesses and assets owned by one person prior to the marriage can still be considered marital property in certain situations. If you are a business owner, you should consider speaking with a property division attorney to see if your business is safe from asset division.

Dividing Property in Virginia Divorce When Both Spouses Agree

In some situations, you and your spouse agree on the way the property will be divided. You may have identified the types of assets you wish to own and have created a plan for dividing the remaining assets. You and your spouse’s assets may include the following:

• Real estate
• Vehicles
• Bank accounts
• Stocks, bonds, and other investments
• Personal property, including “tools of the trade” in your home or garage
• Collectibles and valuables, such as silver
• Retirement accounts

The first step in property division is to separate out the following with regard to your total marital estate:

• The separate property of each spouse
• Marital property owned by both of you
• Assets that are partially separate and partially marital
• Debts

If the two of you agree on all terms of property division, you may have an uncontested divorce, and there may be no need to have a judge resolve any disputes.

When Divorce Property Division is Contested, Complex, or Both

If your assets are complex or of high value, you may need professional help to agree on how to divide them. For example, you may want to call a business valuation expert to put a value on a business owned by one or both of you. Likewise, you may need a real estate attorney to determine the value of your marital home, which may be partially separate and partially marital property.

Once all property has been identified and categorized as separate, marital or both, you and your spouse will need to reach an agreement on how to divide the total, as well as specifics. If you do not agree and the case goes before a judge, neither of you will likely be satisfied with the outcome. If possible, arrive at your own property division agreement through negotiations or mediation.

What Factors Do Courts Consider During Division of Property After Divorce in Virginia?

The court considers a variety of factors before making a decision on asset division. In a Virginia divorce, some examples that could play a role in this decision include:

• The duration of the marriage
• The contributions each person made to the marriage, both financially and otherwise
• The ability of each party to care for themselves
• Child custody, alimony, and child support
• Any negative impact on the marriage created by one spouse

How Do Virginia Courts Handle Gifts and Inheritances in the Divorce Process?

Generally, the court views gifts and inheritances as separate property, and the sole owner of that gift or inheritance would be the recipient. This includes gifts and inheritances received during the marriage.

However, a gift or inheritance can become commingled with marital property. This may occur if a person uses funds from a gift or inheritance to purchase a jointly owned home or deposits those funds into a joint account. This blurs the line between separate and marital property, making it difficult to identify how much of those assets belong to each spouse.

How Do Virginia Courts Handle Debt During Divorce Property Division?

In a divorce, a couple divides marital debts—debts acquired by either spouse during the marriage—using the same rules used to divide their property. As a result, each spouse may take on a different portion of the debt based on their unique situation.

For example, the spouse receiving a jointly owned vehicle may also take responsibility for making future payments on that vehicle. In another situation, a spouse with greater income may take on a more significant portion of marital debt because their income allows them more resources to make those payments.

Strategies to Protect Your Assets in a Virginia Divorce

Protecting your rights and interests is one of the tasks your divorce attorney will take on. In a divorce in Virginia, it is always important to be proactive in protecting your assets. Do not assume the court is on your side. Consider the following steps:

• Document everything during and after the marriage, including statements and ownership of various types of property.
• Keep separate property separate and avoid commingling it with shared assets.
• When possible, reach a property settlement agreement with your spouse, as this ensures that you are in as much control as possible.
• Use a prenuptial or postnuptial agreement with your spouse in advance of these situations to create a clear plan.

When Should I Contact a Virginia Property Division Lawyer?

You should contact a Virginia property division lawyer in all situations. Ideally, this is critical if one spouse has separate property before the marriage or there are any disagreements about how the assets should be divided. Your attorney can help you understand your rights in these cases.

How Does a Property Division Attorney Help in a Divorce Settlement?

An experienced attorney can help you navigate the entire divorce process, including outlining what property is subject to division and what is not. You will learn more about your rights under equitable distribution. Most importantly, your attorney will help you understand what you need to build a strong life moving forward, based on what is fair under the law. Whether creating a marital settlement agreement or representing you in court, our experienced property division attorneys at Randall, McClenney, Daniels & Dunn, PC can help protect your rights and preserve what is rightfully yours.

We Will Take the Mystery Out of Your Property Division

In all phases of property division, before divorce hearings take place, our divorce lawyers help clients in Hampton Roads and southeastern Virginia focus on what matters most to each of them.

To get started on the property division part of your divorce, call us at 757-742-6115 or fill out our online contact form.