Wilson C. Pasley PLC Attorney At Law Understands Division of Assets
Handling the division of assets after a divorce can be tricky. Divorcing couples in the Commonwealth of Virginia often clash over the division of property. For this reason, many couples sort out issues through agreement. However, most couples also fail to recognize which ones fall under marital property. Because of this, a spouse may lose their rights to high-value property which might have gone to them.
Our law office is here to explain how you can divide assets after a divorce. First, we will examine the Commonwealth of Virginia’s distribution laws. Then, we will explain how the state divides assets. Finally, we will talk about how to place a value on assets. Residents throughout the region trust Wilson C. Pasley, PLC Attorney at Law, for all their family law matters.
It’s Important to Know the Commonwealth of Virginia’s Division Laws
Virginia is an equitable distribution state, meaning that only property acquired during the marriage is subject to division. Commonwealth judges weigh factors outlined in Virginia Code Section 20-107.3 when dividing valuables among couples. Both parties can negotiate a settlement in a collaborative manner or through mediation. However, if they cannot agree on a fair division of assets plan, the court will then divide and distribute marital property.
Some Couples May Attempt to Keep Assets from Their Spouse
It is common for divorcing couples to hide valuables from each other. However, not disclosing assets is one of the worst things you can do during a divorce. If your reported assets seem suspiciously lacking, you could find yourself in a forensic audit. When valuables emanate during divorce hearings, the judge will make an example out of them.
Once everything is said and done, you could end up with less than you would during open negotiations. It’s important be honest about your property to make the process go more smoothly. The divorce process is already stressful enough, and not secluding your valuables can alleviate some stress.
Here’s How Virginia Divides Assets Among Divorcing Couples
The court must classify property as separate, marital, or hybrid to equally and fairly divide it. Virginia divorce courts consider the following factors when dividing valuables among divorcing couples:
- Contributions from each party, including monetary and non-monetary
- Debts and Liabilities
- Factors and circumstances leading to separation
- Length of marriage
- Spouses Ages and Conditions
- Tax consequences based on the evidence presented to the judge
Commonwealth courts also factor in bad behavior. If one spouse had an affair and committed a crime, the bad behavior counts against the division of assets. The court can also increase one spouse’s share if the other party caused depreciation to the property. To sum this up, one spouse cannot go on a shopping spree and purposely wreck a car without paying consequences.
How to Place a Value on Your Assets for Equitable Distribution
The best way to “value” your property is to make a strong argument for your property that’s worth that much. The Commonwealth of Virginia does not have laws that dictate dividing guidelines. Here are some strategies for valuing different types of property:
The best way to value your home is to hire an expert to do an appraisal. However, this isn’t always cost-effective. Some couples use comparative market analysis and change in value to save money on home valuation.
One effective way to value a business is to go over the bookkeeping and wear-and-tear adjusting of the company. This can be prone to errors and time-consuming. The more common method is to hire a Certified Public Accountant (CPA) to perform an appraisal.
Placing value on the personal property often depends on the specific item. For example, if you and your spouse disagree about your family car’s value, check out the Kelley Blue Book website. For other forms of property, you could look at what used versions of the items sold for online.
What You Care About Most
Value is a particularly tricky term. The old adage is, “one woman’s trash is here husband’s treasure.” Value is largely assigned at the discretion of the judge after hearing arguments from both sides. It’s smart to make a list of things your valuables such as homes, businesses, collectibles, pets, and other “common property.” While certain sentimental items may not have significant value, you may want to bring this up to your lawyer.
Wilson C. Pasley, PLC Attorney at Law Handles Family Law Cases
Since our inception, Attorney Pasley has represented clients in family law cases throughout the Commonwealth of Virginia. We take great pride in providing the prompt and professional representation in every case. Our law firm uses our experience to fight for our client’s rights. Wilson C. Pasley, PLC Attorney at Law takes great pride in attention to detail in every case.
Residents in and around the Commonwealth of Virginia have trusted our law firm for all their family law needs. Wilson C. Pasley, PLC Attorney at Law, strives to serve clients in the best way possible for family law cases. To learn more about our family law and other legal services, contact us today.
For more on our services, call Wilson C. Pasley, PLC Attorney at Law, at (540) 366-1545. Like our Facebook page to stay up-to-date with the latest information. Our law firm takes great pride in educating our clients about divisions of assets after divorce.