Property Division Lawyer Virginia
In terms of the divorce they’re going to be to test the property that will need to be divided and that is why talking to a property division lawyer Virginia residents recommend frequently is often in your best interests. There are two different types. The first is to have real property which is things like your home, land, or commercial buildings and then you also have your personal property which is all other property from retirement accounts, bank accounts, cars, and team collections, and many more items.
The distribution of property and assets is an essential part of any divorce. A lawyer will be able to help you through the division process by properly executing the division of the assets.
Equitable Distribution
Like many other states Virginia uses actual distribution as the term for the division of property and debts. There are a number of things the court has to do in order to determine the property and debts are distributed equitably. The first thing is to determine what their particular item or property is marital, separate, or hybrid.
Once the courts have decided what type of property it is they can go about defining all marital property between parties based on the consideration of a number of factors that are set in the Virginia code. A property division lawyer in Virginia is an essential factor in determining what is best for both parties during the distribution process. Some of the factors the court has to consider include the financial and non-financial contributions of the parties such as the marriage, house, and certain items or properties that were required and the tax implications to each party in the division of these items.
Community Property State
The term community property state is one that considers all property between the parties to be owned equally and entirely by each spouse. Virginia is not a community property state so all properties are going to be distributed equally between both parties.
How Property is Distributed
There are many ways that a property can be distributed. You might be thinking that equitable distribution means that the properties are going to be split down the middle. This simply isn’t the case. The court is allowed to convey certain titles and property from one spouse to another if it is only titled in the name of one spouse. The court also has authority to order that a property is to be sold and then devised the proceeds between the parties if the parties going through the divorce cannot agree on who the property should go to. This is why working with a lawyer is an important step as they can help you and your spouse come to an agreement on how to split the property between you and them.
If you are going through a divorce and are having to divide your property then talking to a property division lawyer in Virginia is something you shouldn’t hesitate on and that is why you should contact us at May Law, LLP today.