Marital Property Division - Family Law

 

Virginia law requires eequitable distribution of marital property in a divorce. Assets must be divided fairly with due consideration given to the monetary and nonmonetary contributions of each spouse, among other factors. Property division is considerably more complex between couples of high net worth. Marital property is basically all other property of the spouses, which is not separate property. Any property purchased or acquired during marriage is presumptively marital property and the spouse who claims that a piece of property acquired during the marriage is separate property must prove their claim.

 

All property obtained during the course of the marriage is marital property, regardless of who paid for it. The exception to this general rule is property received by one spouse as a gift, inheritance from a third party or excluded by a valid agreement. As stated above, this property is considered nonmarital property. Marital property can include real estate, bank accounts, stock, furniture, pensions and retirement assets, cars, and other personal property.

 

A property right is the exclusive authority to determine how a resource is used, whether that resource is owned by government or by individuals. Society approves the uses selected by the holder of the property right with governmental administered force and with social ostracism.

 

It measures the degree to which a country’s laws protect private property rights and the degree to which its government enforces those laws. It also assesses the likelihood that private property will be expropriated and analyzes the independence of the judiciary, the existence of corruption within the judiciary, and the ability of individuals and businesses to enforce contracts. If the couple divorces or obtains a legal separation, all of the community property is divided evenly. The separate property of each spouse is distributed to the spouse who owns it and is not divided according to the 50/50 rule.

 

inheritance or gift, or from the proceeds of separate property, then these assets will be offered to the spouse with ownership and will not be taken into account while determining property division.

 

It is common for a divorcing couple to decide about dividing their property and debts themselves with or without the help of a neutral third party like a mediator, rather than leaving it to the judge. However, if a couple cannot agree, they can submit their property dispute to the court, which will use state law rules to divide the property. You need an attorney with the right skills and experience who understands the court system, case presentation factors, and how to protect your best interests.

Property acquired before marriage is separate and belongs to the spouse who acquired it. Property acquired during marriage is assumed to belong to the community estate except if acquired by inheritance or gift, or by exchange for other separate property. This definition leads to numerous issues that can be difficult to ascertain. For example, where a spouse owns a business when marrying, it is clearly separate at that time.

 

If you need help with this type of case in Fairfax, Prince William (Manassas), Fauquier (Warrenton), Loudoun (Leesburg), Caroline, Stafford, Spotsylvania (Fredericksburg), Chesterfield, Henrico, Arlington, Richmond, Alexandria, call our law firm immediately for help and speak to a lawyer about your options.

 

The SRIS Law Group can help you best possible outcome based on the facts of your case. If you wish to consult an SRIS Law Group, P.C. attorney, call us at 888-437-7747