The division of property is a highly technical area of Family Law that requires serious consideration and experienced representation.
In Virginia, property (and debts) acquired in a marriage are classified and divided either by agreement of the parties or by the court in equitable distribution. While the parties can divide the property in a marital settlement agreement, it is essential that you understand that the process is much more complex than merely dividing property 50/50.
Property can be classified as separate, marital or hybrid (part marital/part separate). Any analysis of property division first starts with an identification of the nature and value of assets and then a determination of the resulting ownership interests in the property. There is no presumption in Virginia that property is to be divided 50/50 in divorce. Importantly, a party may own property that is 100% soley theirs as it may be totally “separate” property (i.e. acquired prior to the marriage or after the date of separation, acquired by inheritance or gift or acquired from resources that were from pre-marital or post separation sources). The marital portion of Hybrid property may be divided among the parties with the greater balance going to the party who owned the separate interest therein.
The right law firm and lawyer can make the difference
Disputes over property division often arise when an opposing party does not understand or accept how property is classified and/or valued. For instance, the parties may not be able to agree on the nature of the asset (ex. one party may claim that an asset is “separate” when in fact it is legally marital or vice versa). Or, the parties may disagree as to the value of an asset or how it is to be disposed of and when (ex. a party may disagree that a home “under water” should be sold at all or may disagree as to how the deficiency should be paid for, etc.). Or, parties may just disagree on how an asset or debt should be divided, etc. As such, an attorney experienced in equitable distribution and family law is not only advisable-it is a necessity.
At the Law Office of William R. F. Conners, P.C., our firm is experienced at handling complex equitable distribution cases. We leverage our legal knowledge and strategic tools to accomplish our client’s goals whether it be tracing a client’s separate interest in an asset, or using expert testimony to prove the value of an asset, or arguing for a greater division of an asset or preferred disposition of an asset or many other issues.
In equitable distribution, the court considers numerous factors. In order to build your case and best represent you, the Law Office of William R. F. Conners, P.C. will evaluate the following critical factors:
- The contributions, monetary and non-monetary, of each party to the well-being of the family;
- The contributions, monetary and non-monetary, of each party in the acquisition and care and maintenance of such marital property of the parties;
- The duration of the marriage;
- The ages and physical and mental condition of the parties;
- The circumstances and factors which contributed to the dissolution of the marriage, specifically including any ground for divorce under the provisions of subdivisions (1), (3) or (6) of § 20-91 or § 20-95;
- How and when specific items of such marital property were acquired;
- The debts and liabilities of each spouse, the basis for such debts and liabilities, and the property which may serve as security for such debts and liabilities;
- The liquid or nonliquid character of all marital property;
- The tax consequences to each party;
- The use or expenditure of marital property by either of the parties for a nonmarital separate purpose or the dissipation of such funds, when such was done in anticipation of divorce or separation or after the last separation of the parties; and
- Such other factors as the court deems necessary or appropriate to consider in order to arrive at a fair and equitable monetary award.
The process of equitable distribution is highly technical and requires a detailed oriented attorney. The best outcome in equitable distribution should never be left to chance. The Law Office of William R. F. Conners, P.C. is committed to fully understanding all the facts and financial aspects involved. Our legal knowledge, experience and court room skills are used to best achieve your goals.