During a Virginia divorce, the law is designed to be as fair as possibly when dividing assets equitably between the divorcing parties. While this may seem like it would be a rather simple practice, in reality it can be complicated. First, determining which assets should be divided isn’t always a clear-cut decision.
In a Virginia divorce, unless the couple sets out their plans in a separation agreement, the court needs to sort out marital and separate property and divide the marital property between the spouses.
It’s possible to run into complications in this scenario. For example, if a couple’s family home was purchased using funds from the sale of a home one of the spouses owned prior to marriage, complications can result.
Dividing assets fairly in a Virginia divorce doesn’t always mean splitting them 50/50. There are many factors that determine the division of property, including the role each partner played in the marital breakdown, the contributions each spouse made to the marriage and, of course, the value of the assets.
Determining the value of assets can sometimes be another tricky aspect of dividing assets in a Virginia divorce. For example, it can be difficult to determine the value of holdings that won’t reach their full value until some point in the future.
Also, it can be hard to determine the value of businesses or artwork. Dividing assets can present a host of tax issues as well, so it’s best to consult with a knowledgeable Virginia divorce attorney so the financial aspects of your divorce can be handled wisely.
Contacting a Virginia Divorce Attorney
At this vulnerable time, it’s critical you have exceptional legal representation who not only understands the specifics of your case, but is dedicated to your best interests and that of your family.
The Virginia divorce attorneys at Hofheimer Family Law Firm represent Virginia women who wish to file for divorce. We are committed to fighting for your rights, assisting in child custody disputes, and advocating that you receive everything you are entitled to and need in order to start your new life. You can learn more by requesting one of our FREE divorce guides for women or reserving your seat at our monthly divorce seminar – 757-425-5200.