Ensuring That Your Property Settlement Agreement Is Fair
When couples file for divorce in Virginia, they must divide marital property by a law known as equitable distribution. The circumstances and factors impacting the division of marital property are significant and, at times, complex. There is no presumption in Virginia law of a 50-50 property division; although frequently that is a typical result.
Conflicts arise when estranged spouses have different interpretations of what constitutes fair and equitable division. If you are involved in divorce proceedings, working with a seasoned attorney can ensure that the terms of your agreement support your financial interests.
Our lawyers at Kelly Byrnes Danker & Luu, PLLC have substantial experience negotiating favorable terms for property division agreements. We will use our extensive understanding of Virginia’s marital property laws to tailor a compelling argument that addresses your unique financial circumstances.
Studying A Range Of Factors To Determine Your Best Options
At our Fairfax and Leesburg offices, we advise clients with diverse backgrounds and concerns. We negotiate settlements that recognize your contributions to your marriage and minimize your tax obligations. We are qualified to advise you on property and asset matters related to:
- Your family’s home and other real estate interests
- Business interests
- Retirement accounts, including 401(k)s, Roth IRAs and traditional IRAs
- Pension plans
- Investment portfolios
- Compensation packages
- Military benefits, pensions and investment accounts
When you retain us, you gain access to a wealth of resources. Our attorneys are consistently recognized for their experienced advocacy and professionalism in litigation and negotiation sessions. We maintain professional relationships with forensic accountants who scrutinize financial portfolios and appraise business assets, among other significant sources of income.
The terms of your property agreement will have a large impact on your quality of life. Don’t leave anything to chance when you are protecting your fair share of the marital property.
Frequently Asked Questions On Property Division In A Virginia Divorce
Ease your concerns about potential losses by contacting a divorce attorney who can alleviate your fears and provide guidance. Here are some of the best answers:
Is property division in a Virginia divorce usually 50-50?
The Virginia law categorizes personal property under the “equitable distribution” principle, not necessarily as an equal 50/50 split. A judge aims for fairness rather than strict equality, often resulting in a two-thirds share for the higher wage earner. Courts consider if the property is a:
- Separate property owned before marriage or after separation.
- Marital property obtained jointly during marriage.
- Hybrid property, funded by both marital and separate sources.
Whichever the case, our dedicated attorneys can help you obtain fair property settlements.
What happens to the house in a Virginia divorce?
A house is classified as marital property if you purchased it during the marriage. However, if you used solely separate funds for the purchase, and your spouse’s name is not on the title, the court may recognize it as your separate property.
On the other hand, if you obtained the house before marriage and it is solely in your name, it’s considered your separate property unless the marital income was used for the mortgage or you added your spouse to the house title.
How are retirement accounts treated when couples divorce in Virginia?
During a divorce lawsuit case, Virginia law will consider your retirement assets as marital property, subject to specific rules.
When dividing a 401(k) during divorce:
- Contributions made during the marriage are divided, while those preceding it remain separate property.
- The non-employed spouse may not receive more than 50% of the retirement account.
Virginia’s equitable distribution principle means the court assesses various factors to determine a fair split based on earning capability, savings, debts and the couple’s lifestyle.
There are two methods for pension division:
- Dividing the pension’s present value
- Dividing the pension’s shares at retirement
This division of retirement assets rules requires a highly qualified divorce attorney to ensure a fair outcome.
Contact Our Firm Today To Begin Developing Your Legal Strategy
Connect with a pre-eminent family law attorney online or over the phone at 703-239-4921. We are eager to help.