Informed Legal Guidance for Property Division Issues
Our divorce attorney, Nancy Quinn, possesses a sophisticated understanding of Virginia's equitable distribution, or property division law. She can provide a clear, detailed explanation of the process and your possible outcome. Her goal is to help you receive a beneficial settlement, or court order.
Judges are required to consider a list of 11 factors when deciding how to divide property. Equitable distribution involves a three-step process:
- Classification
- Valuation
- Asset division
First, the judge must determine if the property in question is marital, separate or a combination. Then he or she must assign a value to the property. Finally, the judge must consider the 11 factors to determine how to divide the assets, or property. The judge may also apportion marital debt between the parties.
Classification
Under Virginia divorce laws, a judge can only divide marital property. Assets that you owned before your marriage are generally considered separate property. Separate assets can also include property you inherited or that were given to you as a gift by a third party.
Property Division can be murky when separate property and marital assets were combined during the marriage. You may still be entitled to claim certain assets as your separate property if you can trace back your separate contribution. Attorney Nancy Quinn understands the importance tracing the source of funds to prove property contributions between spouses. You may be able to trace separate contributions to:
- Home/Real Estate
- Businesses
- Retirement or 401(k) funds
- Investment Accounts
Valuation
Valuation issues can be complex. In today's economy, many couples are facing upside down mortgages — their homes are worth less than what they still owe. Family-owned businesses can also create property division issues. Business and home often require valuation by experts. Without proper expert assistance, you could face an unbalanced division of property.
Division
Our Richmond divorce lawyer knows that you are not automatically guaranteed a 50/50 division of your marital property. Nancy Quinn can review your situation and help you establish realistic expectations. She can help ensure that classification and valuation of your marital property are coordinated properly. Her guidance can help build a solid foundation for the division of your assets.
Contact Us Today
To discuss your complex legal issues, please contact us at 804-282-8494 or you can send us an e-mail. Our office is centrally located in historic Bon Air.
