Divorce is simply the termination of marriage. From a legal point of view, the divorce itself is the easiest part. For the people who are going through divorce, it may be very difficult emotionally but the legalities are quite simple.
Having many assets or high-valued assets in Virginia such as real estate, stocks, or personal property often creates complicated issues during the divorce process. The Virginia divorce attorneys of the SRIS Law Group will help clients to try and maintain a lifestyle that they are used to and do our best to ensure that they can have the financial security that they are used to while they go through this difficult dissolution of marriage process. Whether you want a legal separation or the marriage ended, divorce lawyers assist you to arrange financial and family matters, typically in a negotiation with your spouse’s lawyer.
Businesses, family, and other closely held corporations and other business entities, interstate and international investments, property, stocks, and other assets must be accounted for to achieve an equitable division of marital property. Valuation is typically based on the opinions of experienced experts.
There are a few different methods for getting a divorce in Virginia, so it is important that you understand them all and choose the one that is best for you. An experienced Virginia divorce attorney will conduct a full assessment of your situation and provide you with advice on the path that is best for you.
In a divorce, the distribution of property depends on which property belongs to the marriage, known as marital property and which property belongs to each of the two spouses, known as separate property. Generally, marital property is property acquired or earned during the marriage. Property used for the benefit of the marriage or shared with the other spouse, even if it started out as separate property, may also be considered marital property. Separate property is property that belongs only to one spouse before marriage. It could also include some property given only to one spouse during the marriage, like a gift of a rare coin collection from the husband’s grandfather to the husband alone or an inheritance upon the death of the wife’s great aunt to the wife alone.
The most common types of property divided at divorce are real property like the family home, personal property like jewelry, and intangible property like income, dividends, benefits and even debts. Marital property must be divided between the spouses when the marriage ends. In Virginia, separate property remains in the hands of the spouse who owned it before or during the marriage. All of the couples’ debts must be divided.
Virginia is one of more than 40 states that have adopted an equitable distribution law for dividing marital property and debts in divorce. Marriage is considered an economic partnership. To determine a fair division of marital property and debts, Virginia law requires the following:
- That property and debts be classified as marital, separate, or part marital and part separate.
- That marital property and debts be valued; and that such marital property or debts be equitably divided based on the statutory factors in Virginia Code Section 20-107.3.
If you need help with a high asset divorce lawyer in Virginia in Fairfax, Prince William (Manassas), Fauquier (Warrenton), Loudoun (Leesburg), Caroline, Stafford, Spotsylvania (Fredericksburg), Chesterfield, Henrico, Arlington, Richmond, Alexandria, call our law firm immediately for help and speak to a lawyer about your options.
The SRIS Law Group can help you best possible outcome based on the facts of your case. If you wish to consult an SRIS Law Group, P.C. high asset divorce attorney in Virginia, call us at 855-696-3348. B
