Divorcing couples are allowed to enter into their own agreements about how to divide marital assets, but if they are unable to reach agreement the court will make decisions based on an "equitable distribution" model, which does not necessarily mean that all assets are distributed equally.
If necessary, the court determines which assets are marital property and which assets are owned separately. Marital property generally includes any asset that was acquired during the marriage using marital funds. Separate property generally refers to any asset that was acquired before the marriage, after the parties have separated, or which was acquired by inheritance or gift from a third party.
Marital property can include business interests, retirement accounts, investment property and pensions.
The court considers a number of factors in determining division of property, including:
The length of the marriage The contributions — monetary and non-monetary — of each party to the well-being of the family Each party's income and his or her ability to rebuild assets and income in the future The ages and physical and mental condition of the parties The tax consequences to each party The debts and liabilities of each spouse, the basis for these, and the property that can serve as security for such debts and liabilities The court also considers issues of alimony/spousal support in determining property settlement issues. No two parties' situation is alike, so spousal support amounts and duration varies.
Franklin County Equitable Distribution Lawyer
At GBSR Attorneys, we look to resolve division of property issues as efficiently as possible without the need to litigate. By doing so, we help our clients retain more control over the final outcome.
If a fair agreement cannot be reached, however, we build strong arguments on behalf of our clients and we are always prepared to go to court.
Our family law attorneys have extensive experience handling property division in complex divorces with numerous assets. If necessary, we use forensic accountants and valuation specialists to accurately assess the value of investment real estate, family businesses, complex stock holdings, retirement accounts, profit sharing plans and more.
Our Roanoke property division lawyers can review the facts of your divorce and protect your best interests. We have offices in Smith Mountain Lake and Roanoke. Call 540-721-5110 or email us to schedule an appointment.