Virginia Beach Property Division Lawyers

Virginia divorce attorneys help split assets and debts fairly

Although the decision to seek a divorce is usually not a pleasant matter, most spouses ending their marriage are looking forward to a better future for themselves and their children. Whether that future will be comfortable and secure often depends on the way the couple divides their marital property. At Ernest Law Group, PLC, we take meticulous care throughout divorce proceedings to ensure our clients obtain their fair share of assets. Whether your divorce is amicable or contentious, our Virginia Beach property division lawyers have the experience and skill to pursue the property settlement you deserve.

How is property divided in a Virginia divorce?

Virginia courts apply the rule of equitable distribution when dividing property. Each spouse can keep their separately owned property and is entitled to a fair, but not necessarily equal share of the marital property, meaning assets acquired during the course of the marriage. Property encompasses both assets and debts. So, while you are dividing savings accounts and possessions, you’ll also have to split your household expenses. 

What does Virginia consider separate property?

Whether property is separate or marital depends on how and when the property was acquired and how it was treated during the marriage. Property can be separate if it was:

• Acquired prior to the marriage and was treated as separate during the marriage
• Acquired using only separate property
• A non-spousal gift to one spouse
• An inheritance to one spouse
• Designated separate in a marital contract, e.g., a prenuptial agreement
• Acquired after the effective date of marital separation in preparation for divorce 

Property that was separate can become marital through commingling, which means the separate property is mixed in with marital property to such an extent that it is impossible to trace its origin. Separate property can also be transmuted to marital property, such as by changing the title of real property to joint ownership.

Dividing marital property during the divorce process in Virginia

Equitable distribution is a three-step process:

• Identification of property — Spouses submit financial statements disclosing all assets and debts, which are then categorized as separate or marital. Problems can arise as parties attempt to hide assets or argue that choice assets are separate or that individual debts are marital. 
• Valuation of property — Once the parties have created a “marital pot,” the assets inside must be appraised so that their value is known. Conflicts can arise over competing valuations.
• Distribution — The court must decide how much of the marital pot goes to each spouse. Virginia law lists 11 factors for the court to consider, which include:
• Each party’s contributions to the family 
• Each party’s contributions to the acquisition and preservation of marital property
• The ages and health of the spouses
• Duration of the marriage
• Financial standing of each spouse

Depending on the circumstances, the split could be 50-50, 60-40, 70-30, etc. As your divorce attorney in Virginia Beach, we bring to the court’s attention all details that weigh in your favor.

Our Virginia property division lawyers handle complex asset valuation issues

Certain assets can be difficult to assign values. These include real estate, businesses, intellectual property, stock options, fine art, jewelry and collectibles.

Conflicts can arise due to competing valuations from appraisers working for each spouse. One way to circumvent this problem is to agree on one reputable, neutral appraiser. This approach is less expensive and often less time-consuming. Our property division lawyers work to protect your right to the distribution of assets you deserve.

Contact our Virginia divorce lawyers with your property distribution questions 

At Ernest Law Group, PLC, in Virginia Beach, we provide robust divorce representation to protect your property rights. Call us at 757-289-2499 or contact us online to schedule a consultation with an experienced attorney.