When a Harrisonburg area couple is considering a divorce there are many issues that need to be worked through. Some of the most contentious is dividing up assets. Although a divorce is an emotional situation it is important for spouses to understand how asset division works in Virginia.
In Virginia, there is equitable distribution of assets in a divorce situation. In many cases a couple is able to divide the assets in an amicable way. If the court has to get involved splitting the assets the court will divide the property into marital property and separate property. Marital property includes property acquired by either spouse during the marriage and property that has both names on the title. Separate property may include property acquired before the marriage that has been kept separate, an inheritance one spouse received, among others. The courts will then decide how the property will be divided based on the length of the marriage, contributions of both spouses to the family, ages of the spouses, circumstances that led to the divorce, among other variables.
A legal professional who specializes in divorce can advise their client about asset separation. Many times, these assets need to have a monetary value attached to them which can be complicated. It can also be confusing as to what is separate property and what is marital property. An attorney understands that their clients may need help navigating these important matters and will make sure they are their client’s best advocate.
Property division in a divorce is one of the most important things a couple needs to work out. This can be a contentious issue and having an attorney to protect your legal rights can be critically important.