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 going through 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 receive consistent recognition 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:

What is marital property in Virginia?

In Virginia, marital property includes all assets and debts that either spouse acquires from the date of marriage until the date of separation.

This category encompasses a wide range of items, such as:

• Real estate
• Vehicles
• Bank accounts
• Accumulated debts

Both spouses share an interest in these assets, and they are subject to division during a divorce proceeding.

What is separate property in Virginia?

Separate property in Virginia consists of assets that one spouse owned before the marriage.

Examples of separate property include:

• Inheritances received solely by one spouse
• Gifts specifically given to one spouse from someone other than their partner
• Any items clearly defined as separate in a prenuptial agreement.

To ensure these remain classified as separate during the divorce, the owning spouse must provide clear documentation and evidence of their separate nature.

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.

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.

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 nonemployed 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 rule requires a highly qualified divorce attorney to ensure a fair outcome.

Can a prenuptial agreement affect property division?

Yes, in Virginia, a prenuptial agreement can significantly influence how property is divided in a divorce. This agreement allows couples to outline what they want to happen to each spouse’s assets and debts if the marriage dissolves. It protects individual interests and can greatly simplify the property division process by setting clear expectations from the start.

What if we can’t agree on how to divide our property?

Virginia courts will intervene if an agreement between spouses on property division isn’t possible. Their goal is to distribute marital property equitably, which doesn’t necessarily mean equally.

The courts consider several factors to determine a fair division, such as:

• The duration of the marriage
• Each spouse’s financial and nonfinancial contributions
• Each party’s future financial needs

Before resorting to court, couples are often encouraged to try mediation. This approach allows for a more amicable resolution and gives both parties more control over the outcome.

Understanding and navigating the nuances of property division under Virginia law can be intricate. Consulting with an attorney who is well-versed in Virginia’s equitable distribution laws is crucial. We can provide personalized advice to ensure your rights and interests are adequately protected during divorce.

Contact Our Firm Today To Begin Developing Your Legal Strategy

Connect with a preeminent family law attorney online or over the phone at 703-239-4921. We are eager to help.