Military Family Divorce Center

Division of Marital Property, Assets and Debts

Division of Marital Property, Assets and Debts

Division of Marital PropertyYou and your spouse must agree on everything that you have acquired during your marriage including things like who is going to live in the marital residence (or if and when it will be sold), who is going to get the money from the sale of the house, who is going to get what furniture and household goods, who is getting what cars, how the bank accounts and/or investments will be divided (regardless of whose name the accounts are in), how retirement funds will be divided (no matter whose name the retirement benefits are in), who is going to pay for any debt that accrued during your marriage (no matter whose name the debt is in).

 

This process of dividing your assets and debts can be complicated by potential pitfalls and traps.  This is never a process anyone should undertake without an experienced Virginia divorce lawyer to provide legal guidance and to help resolve potential disputes.  If you have only been married for a brief period (a few months), you might not have marital property or debts that need to be divided.  However, a lengthy marriage means that assets need to be identified, properly valued and divided in a manner acceptable to both parties.  Each party also has duties of disclosure to the other party to ensure that the marital estate is divided equitably (fairly).

 

An experienced Chesapeake military divorce lawyer can help you through the many complicated steps in negotiating and facilitating a division of marital property.  Some of the ways our Virginia military divorce attorneys can help include:

 

  • Reviewing documents and financial records to identify assets that are not fully disclosed
  • Tracing contributions to assets that have both a separate property and marital property component
  • Obtaining valuations of real property like the family home, investment properties or vacation homes
  • Evaluating hard to value assets
  • Applying appropriate rules for dividing retirement accounts or equity in the family home
  • Protecting your interest when debts are assigned to the other party but list you or both parties as the debtors

 

These are just a handful of ways that working with a knowledgeable divorce attorney can ensure that your interests are full protected during a divorce.  When a married couple divorces, the future financial security of both parties will be impacted by the disposition of assets and debts.  Challenging the division of marital property in a divorce can be complicated if you later determine your agreement was not as fair as you originally believed, so you should obtain legal advice when negotiating the division of property.