Division of Property
Property Division After a Divorce in Virginia
Virginia Beach equitable distribution lawyers
Virginia is a marital property state, not a community property one. This means that the court will divide the marital assets and debts between the parties, but not necessarily 50/50. The equitable division of property allows the courts to punish one party for unbecoming conduct, such as destroying or hiding assets to prevent the other party from receiving it.
The experienced property division attorney at Hood Law utilizes years of experience in handling division of property issues for clients to ensure that you get the fairest property settlement possible. I take the time to understand your situation and to educate you about any of the issues you may face concerning your property division.
Issues surrounding division of property in divorce typically fall into two distinct areas: classification and valuation.
Property classification issues
Is the property marital property, separate property, or a combination of both? I help you properly classify your property, and also determine any consequences the classification has on your property settlement.
Property valuation issues
Typically property valuation issues either deal with timing (such as when does the property get valued, i.e., at the time of separation, at the time of distribution, or at the time an order is issued or agreement is made?) and or with worth (how much is a professional business or closed corporation worth? How about stock options, insurance policies, that military pension plan or corporate retirement plan? How much is the antique gun or art collection worth?).
For complex asset division, we regularly use experts and specialists, such as appraisers, actuaries, real estate experts, and business valuation experts to assist us in ensuring you are receiving your fair share of the marital assets. The attorney in Virginia Beach, VA also uses tax advisors, because we know all assets are not created equally. Although two assets may have the same face value, we realize that they may have different tax consequences for you in the end.
Contact our thorough property division attorneys in Virginia Beach
To discuss your property division issues with an experienced lawyer, please schedule a confidential consultation by calling us or filling out the intake form. We may prove to be your biggest asset.