Williamsburg Property Division
If you are going through a divorce in Virginia, all of your marital property will go through the legal process of equitable (fair) division. Chances are, you and your spouse will not agree on every aspect of division of marital property. After all, disagreements about finances is the second most common reason for getting divorced in the first place. When disputes cannot be resolved, mediation may offer a solution. If mediation fails, the case must be litigated in court. Regardless of where you are in your divorce, you need an attorney. The Williamsburg property division attorneys at Simms Showers LLP can help you work through problems, come up with reasonable solutions, and advocate for you every step of the way.
Examples of Marital Property
Any assets or debt acquired during marriage is marital property, save for specific types of gifts, inheritance, and lawsuit awards. As such, the longer the marriage, the more marital property and the less non-marital property there is to consider during equitable division. Examples of marital property include:
- Real estate;
- Family house;
- Retirement accounts;
- Checking and savings accounts;
- 401(k) accounts;
- Automobiles, RVs, boats, motorcycles, and other motorized equipment;
- Kitchen appliances; and
Commingled Property in Short Marriages
If your marriage did not last very long, there is a good chance that section 3 (e) of § 20-107.3 may apply to some of your marital property, which states that “When marital property and separate property are commingled into newly acquired property resulting in the loss of identity of the contributing properties, the commingled property shall be” turned into marital property. However, the assets that each spouse contributed to the newly acquired property will retain its original classification.
Who Gets the House?
Houses and condominiums are one of the most complicated types of property to divide, the obvious reason being that it cannot actually be split up, like money in a bank account. Generally, the family home is the most valuable piece of property in a marriage, and even if one spouse gets everything else, chances are that the home will still be worth significantly more, especially if the couple is young. Many factors go into dividing real property such as a house, including:
- How will the division of the home affect the children?
- Did one spouse use a significant amount of non-marital money as a down payment just as the marriage started?
- How much is left on the mortgage?
- What are the consequences of selling the home and splitting the profits?
As with all marital property, there is no easy answer when it comes to real estate division. If the couple cannot negotiate a fair compromise between themselves, a judge will decide what the most equitable solution is.
Call an Attorney Today
There is no way to divide marital property, especially when it involves real property, business assets, or family pets. Let an experienced Williamsburg property division lawyer help. Call Simms Showers LLP today at 703-879-1364 to schedule a consultation.