Manassas Property Division Lawyers
There are many issues to resolve during a divorce settlement. Fighting over property and settling on the fair and equal division of marital assets can be one of the most challenging aspects of divorce proceedings. As such, it is important that those going through the divorce process equip themselves with experienced legal representation to ensure they receive their fair share during the division of property.
Working with an experienced lawyer can reduce a significant amount of stress during this time of transition. Luckily, at The Manassas Law Group, our Manassas divorce lawyers have decades of combined experience handling legal matters such as property division in Northern Virginia. When you work with us, you will have a legal team with the skill, experience, knowledge, and dedication to resolve your family law dispute in your favor. We have helped generations of clients in Prince William County and surrounding areas navigate this difficult and often frustrating time, and we are here to help you.
Property Division in Virginia
Virginia law (Section 20-107.3 of the Virginia Code) and case law set out the rules and guidelines that will be applied by our Judges in making an equitable distribution of the property of divorcing spouses. Virginia is an equitable distribution state, which means that marital property division is not necessarily a 50/50 split, but rather a fair and just allocation based on several factors. These factors include the duration of the marriage, the physical and mental condition of each spouse, their respective financial contributions to the marriage, and other factors.
At The Manassas Law Group, our experienced lawyers understand the complexities of property division in divorce cases under Virginia law. We recognize that expenses related to child custody, alimony, and other financial obligations can significantly impact property division outcomes. This is why our dedicated legal team works diligently to ensure that our clients’ best interests are protected, taking into account all of the many factors involved to achieve an equitable distribution that aligns with their unique circumstances.
When you need skilled representation for property division matters in Manassas and throughout Prince William County, trust The Manassas Law Group to advocate for your rights and guide you through the process with experience and compassion.
Marital Property vs. Separate Property
Many individuals going through the property division portion of their divorce case are in need of assistance early on in the process. Particularly in cases where the property division issues are more complicated (such as in the case of family businesses or inheritances received during or before the marriage, for example), the analysis and investigation must be brought early on to ensure that separate property and marital property issues are correctly identified and documented. But what exactly constitutes marital property versus separate property?
In Virginia, the distinction between marital property and separate property plays a critical role in the equitable division of assets during a divorce. Marital property generally includes all assets, debts, and property acquired by either spouse during the marriage, regardless of whose name is on the title or who earned the income. This can encompass real estate (such as the marital home), bank accounts, retirement accounts, and even personal belongings.
On the other hand, separate property comprises assets acquired by either spouse before the marriage, through inheritance or gifts from third parties during the marriage, or specific property that the couple has designated as separate through a legally enforceable agreement, such as a prenuptial agreement.
Why It Matters
The differentiation between these two categories is vital because, in a divorce, marital property is subject to equitable distribution, meaning it will be divided fairly but not necessarily equally, while separate property typically remains with its original owner. However, the commingling of separate and marital assets or the conversion of separate property into marital property can complicate matters, emphasizing the importance of consulting experienced legal professionals like The Manassas Law Group to navigate these intricacies and protect your interests.
For example, assets such as 401k accounts or IRAs, though titled in the name of one spouse, may have a marital component if the account in question received any contribution during the marriage. Our Manassas divorce attorneys and the experts we work with can assist in identifying both the separate and marital portions of these retirement accounts.
The valuation of business interests owned by one or more of the spouses can also be challenging. Our Prince William County property division attorney, Richard H. Boatwright, has worked with forensic accountants and other experts to determine the value of businesses as well as what portion of the business is considered marital property.
In matters of the valuation of financial assets, it is important to obtain and review the relevant financial documents as early as possible. These documents include, but are not limited to: 401k statements, IRA statements, defined benefit statements (traditional pensions) for retirement assets; Balance Sheets; Profit and Loss Statements, and Income Tax returns for businesses.
Why You Need a Prince William County Property Division Attorney
Equipping the services of a skilled property division attorney can be absolutely critical in ensuring that your divorce proceedings lead to the most favorable outcome for you. Even in uncontested divorce cases where both parties seem to agree on a property settlement agreement, nuances in divorce law can lead to complications for one or both parties.
An experienced Manassas, VA divorce lawyer like Richard Boatwright of The Manassas Law Group can help you navigate the complexities involved in property division, considering not only the equitable distribution of assets and debts but also the potential tax implications. Mr. Boatwright has many years of experience assisting clients in these complex cases and has worked with forensic accountants, financial planners, and other experts in cases involving property and divorce settlements. He and his team of attorneys will work hard to safeguard your rights and interests, helping to ensure that marital property is equitably divided while minimizing adverse financial consequences.
Call Our Manassas, Virginia Divorce Attorneys Today
In the divorce process, where emotions can run high and legal issues can present themselves left and right, the guidance of a seasoned family law attorney is invaluable in securing your financial future. The best thing you can do for yourself during this time is partner with an experienced Manassas family law attorney like those at The Manassas Law Group.
People all over the state of Virginia come to us when they require competent legal counsel for family law matters including property division, child support, spousal support, child custody and visitation, and more. Why? Take a look at the Manassas Law Group reviews and see for yourself!
We encourage you to speak with a qualified Manassas family law attorney from our firm as soon as possible to identify your legal needs and begin developing a legal strategy. You can contact our law firm by calling (703) 361-8246 or completing our online intake form to schedule your initial consultation today. The sooner you reach out, the sooner we can prove to you why it may be the best decision you’ve ever made.