Virginia Attorneys Protecting Your Property Rights In Divorce

There is more to property division than simply dividing everything 50-50. Property distribution in Virginia requires fair and equitable distribution. That means that the court will decide what is fair, after taking case law and other factors into consideration.

You have the option of working with your spouse to negotiate an agreement. If that doesn’t work, property division will be decided in court. Throughout the process, it is helpful to have experienced counsel to guide your decisions – someone who understands the law and how the courts function.

If you are thinking about getting divorced, call an experienced attorney at Coates, Battle & Tyree at 804-729-5537. We have more than 40 years of experience in divorce and understand how to safeguard your rights in property division concerns – no matter how complicated it is. Contact us today for a confidential consultation.

The Equitable Distribution Process In Virginia

Unlike some states, where marital property is divided evenly, Virginia is an equitable distribution state. Judges must divide marital property in a manner that is fair.

When doing so, they must consider several key factors about the marital relationship and the spouses. Those factors include:

• Monetary and nonmonetary contributions to the family
• The duration of the marriage
• The age and health of each spouse
• Any dissipation of marital property that occurred
• The tax implications of property division
• The nature of various assets, such as whether they are liquid or harder to divide
• The debts owed by each spouse and the reason for incurring them

The courts can consider any other factors that they deem relevant, including the legal basis for a fault-based divorce petition.

Typically, all the income earned and assets accumulated during the marriage are considered marital property that must be disclosed to one another and divided. The same is true of debts assumed during the marriage.

Spouses can potentially preserve certain assets as their separate property. Assets owned before marriage, those that were inherited and property received as gifts to one spouse may not be subject to equitable distribution rules unless commingling occurred.

Sharing ownership or using marital resources to preserve separate property are common acts of commingling that can make separate property vulnerable to equitable distribution proceedings. Those claiming assets as separate often need financial evidence to prove they remained separate from the marital estate.

Special Considerations For High-Asset Divorces

Spouses with larger, more complex marital estates are more likely to find themselves facing property division challenges. High-asset divorces often involve complicating factors that require a thorough financial analysis or litigation to address.

If either spouse receives executive compensation such as retention bonuses, restricted stock units or stock options, that deferred compensation requires detailed analysis to ensure a fair property division. If either spouse owns a business or professional practice, determining what the business is worth and how to address it fairly can be a source of conflict.

Real estate holdings, including the marital home, vacation homes, vacant land, revenue-generating properties and other investment real estate, may require professional valuation. Additionally, spouses may need to execute deeds and refinance any mortgages attached to those properties.

Our team is ready to provide legal insight, strategic guidance and advocacy during negotiations or litigation for clients facing complex high-asset divorces.

What Gets Divided?

Dividing property includes dividing assets and liabilities. For the process to go forward, we need an accurate picture of what you own and what you owe, including:

• A list of all properties owned
• Income of each spouse
• The last two to three months of mortgage and credit card statements
• Checking and savings account balances
• Retirement and pension accounts
• Tax liability

Generally only the property acquired during the marriage is considered marital property, so property owned before marriage would not be subject to division. It is important that the facts be reviewed by a capable attorney, so that division is fair and equitable.

Dividing Business Assets In Divorce

Coates, Battle & Tyree can assist you in valuing family business assets and financial interests in closely held companies.

Our attorneys analyze executive compensation packages, real estate investments and retirement benefits. We enlist financial consultants in property valuation disputes to develop strong cases for our clients and improve their financial outcome.

Discuss Your Financial Future With An Experienced Lawyer

Property division issues can be complex. To schedule a consultation with one of our attorneys, call 804-729-5537 or contact us online.