How is Property Divided after a Divorce?

Your divorce will not be exactly like anyone else’s, but virtually every divorcing couple must address the matter of property division. This term is a direct reflection of your financial rights, which makes it a key concern. If you’re facing a divorce, our experienced Manassas, VA, property division attorneys at Bristle Schulze are well prepared and well positioned to help.

Marital Property

Marital property refers to all those assets that you came to own during your marriage. It doesn’t matter who did the purchasing or whose name is attached. With very few exceptions, anything obtained over the course of your marriage is considered marital property. Exceptions include inheritances and gifts for which either of you was the sole beneficiary.

Separate Property

Those assets that either of you owned prior to marriage and kept separate while married are considered separate property. These continue to belong solely to the original owner. Any commingling of marital and separate property, however, can blur the line that separates them. To identify an asset as separate and, therefore, not subject to equitable distribution, the spouse who claims it has the burden of proving its separate nature.

The Equitable Division of Your Marital Property

The State of Virginia employs an equitable division of marital property. This means a fair division that is based on varied factors. While this can translate to an even division, marital property is not always divided equally in Virginia divorce cases.

Some factors that help establish a fair division of marital property include the following:

• The duration of the marriage, as the longer the marriage, the more likely it is to support an even or nearly even division of marital property
• The size of the marital estate and of each spouse’s separate estate
• Each spouse’s age and overall mental and physical health
• Each spouse’s financial and nonfinancial contributions to the marriage, including homemaking and caring for the children
• Each spouse’s economic circumstances, including their income, earning power, needs, and debt load
• The matter of either spouse’s fault or wrongdoing, which can apply even in a no-fault case
• The tax implications of the proposed property division

Additionally, the liquidity of the asset can directly affect how it is divided. For example, real estate like your marital home can’t be split down the middle. The options when it comes to a nonliquid asset include selling it and dividing the proceeds, having one spouse buy out the other’s ownership, or having one spouse receive their share in the form of other assets.

Our Experienced Manassas Property Division Lawyers Are in Your Corner

Our capable Manassas property division attorneys at Bristle Schulze will spare no effort in our committed advocacy for your financial rights. Our imposing track record speaks to our experience and legal skill, and we will employ the full force of both on your behalf. Learn more about everything we can do to help you by reaching out and contacting us online or giving our firm a call at 703-454-0701 today.