Property Settlements Lawyer in Virginia
Property Settlements Lawyer in Virginia
If you are seeking a divorce in Virginia, you’ll need to divide your marital assets with the assistance of an experienced property settlements lawyer Virginia families trust. Division of marital assets is usually a complex process that requires a great deal of forethought and strategy. It is, of course, rarely easy to split the property that makes up a single household into property that will sustain two separate households. Thankfully, knowledgeable Virginia legal team at May Law, LLP has extensive experience managing the asset division needs of couples and can assist you with your needs at this time, regardless of how straightforward or complex your divorce process proves itself to be.
Asset Division Basics
Virginia is an equitable property state. This means that if a couple cannot reach an agreement on the terms of their asset division plan without judicial intervention, the judge assigned to the case is empowered to divide marital property equitably. This process is distinct from the standard employed in equal distribution states. In equal distribution states, the value of each spouse’s marital asset award must equal 50 percent of the value of the marital assets in question overall. In an equitable distribution state, a judge may divide marital asset value in ways that do not add up to a 50 percent award share for each spouse, provided that the ultimate calculus used and awards granted are “fair.”
Determining Your Asset Division Approach
As our firm’s Virginia property settlements lawyer team will tell you, it is usually better to work out a settlement with your spouse instead of leaving the fate of your marital property up to a judge. Most of the time, couples feel better about the outcome of their divorce process if they’ve been able to “call the shots” along the way. With that said, there are times when it makes sense to contest one’s position in court. For example, if it is vitally important to you that you retain ownership of your marital home and your spouse will not budge on their position that the home should be sold so that the profits can be divided, it might be time to allow a judge to settle your fundamental differences.
Whether you hope to reach an agreement via mediation or attorney-led negotiation, or you believe that your case will likely end up in court, our Virginia property settlements lawyer team can facilitate the approach that meets your needs and aggressively seek a fair asset division award on your behalf.
As you prepare for a risk-free consultation with our firm, take some time to make a list of your marital property. This list should address physical property, intangible assets, and financial accounts acquired during the courts of your marriage. If possible, note the value of these assets on your list. If you have strong feelings about assets you’d like to keep, note that as well. This information will help us to start crafting the strongest possible legal strategy.
Property Settlement Myths
If you need assistance with property division in your divorce, it is time to consult a property settlements lawyer in Virginia. Your property is important to you and a skilled lawyer can help protect your rights. Here are some common myths about property settlement that you should know about.
Marital Property is Split 50/50
If you and your spouse obtained property together in your marriage, it might make sense to split it up evenly in a divorce. However, it does not work that way. Assets are divided equitably rather than evenly. The judge will look at several factors before deciding how to divide up property, such as the financial resources of each partner and the number of children involved.
You Must Wait Until After the Divorce to Divide Property
This is another big myth about property settlement. It is actually not necessary to wait until after your divorce is finalized to divide up assets. You can start proceedings as soon as you and your spouse get separated.
Businesses Are not Considered Marital Property
Businesses absolutely count as marital property and can be divided during a divorce. If you and your spouse started a business together while you were married, it will be divided somehow. The judge will consider several factors before deciding how to divide the business between the two of you, such as how involved each partner was in running the business and the value each spouse brings to the business.
You Have to Go to Court
Many divorcing couples believe the only way to get a fair property settlement is to go to court. This is not true. Going to trial is typically a last resort. A skilled property settlements lawyer in Virginia will work hard to help you obtain a fair settlement without going to trial.
The Spouse Who Earned the Most Money Can Keep the Property
When it comes to dividing marital property, it does not matter who earned the highest salary during the marriage. A spouse is not entitled to a certain piece of property simply because he or she paid for it. A judge will consider many other factors, like the future earning potential of each spouse and duration of the marriage.
If you have additional questions about property division, you should schedule a consultation with a property settlements lawyer in Virginia today. Call May Law LLP, today.