Leesburg Property Division
Property division during divorce is carried out in a manner that many couples find confusing. Instead of the higher earning spouse simply walking off with the majority of the assets, all aspects of the marriage are taken into account to determine what the fairest division of assets looks like, including non-monetary contributions, not simply who has the largest salary. If you are going through a divorce, you need to protect yourself by working with an experienced Leesburg property division attorney. Here at Simms Showers, our lawyers will be with you every step of the way, from discovery of assets to negotiations, and litigation, if necessary.
What Does Equitable Division of Marital Assets Mean?
All marital property is subject to equitable division during divorce. Equitable means fair. It does not mean equal. As such, you may be awarded a much higher share of the marital property than your spouse, for example, and the decision could still be made equitably. Factors that are used to determine equitable division of assets include:
- Contributions to the well-being of the family that each spouse made;
- Duration of the marriage;
- Age of each spouse;
- Tax consequences to each party;
- Physical health of each spouse;
- Circumstances and factors contributing to the dissolution of the marriage; and more.
Marital property is any asset or debt that was acquired during the course of the marriage. This can include interest on property acquired before marriage. Examples of marital property include:
- The family home;
- Real estate;
- Bank accounts;
- Retirement accounts;
- Stocks and bonds;
- Personal items;
- Pensions; and
If an asset was acquired before or after marriage, it is not considered marital property. And, in some cases, certain types of property acquired during marriage may also not be marital property. This can include personal injury lawsuit earnings, inheritance, and gifts made specifically to only one spouse.
The average American’s most valuable asset is the family home, according to the Pew Research Center. But the home is just one item that will need valuation. Other personal property that may need to be valued include: business assets, vehicles, furniture, stocks, jewelry, artwork, tools, home appliances, electronics, and more. It is essential to properly value all of the marital property that is owned, so that a fair distribution of assets can occur. Furthermore, getting an accurate compilation of all marital assets is equally important to ensuring fair distribution of assets. According to Forbes, 58% of spouses hide cash from one another. It is not uncommon, especially during divorce, for a spouse to create a secret bank account, to hide money, or transfer money from joint accounts to individual accounts.
Call a Leesburg Property Division Attorney Today
There are many reasons why you need to work with an attorney to ensure that you receive a fair allotment of the marital assets. To get started today, contact Simms Showers at 703-879-1364 to schedule a consultation with one of our experienced Leesburg property division attorneys.