One of the most highly contested areas of a divorce is that of property division.
As a divorcing couple, you and your spouse will have to divide marital assets and debts as part of the divorce proceeding.
Assets acquired during the marriage are subject to division. However, equitable distribution of property is not always 50-50 or “equal” in the eyes of each spouse. Therefore, you must protect your best interests by hiring a family law attorney. An attorney can ensure that you get a fair share of the assets, but also that your premarital assets are not divided.
Protecting Premarital Assets
One of the biggest concerns of divorcing couples is their separate property that they brought into the marriage. Often this property commingled in the divorce over the years and may have become a marital asset over time. It is only fair for some of this property to be divided, but your spouse may disagree.
For example, the family business could be an issue. You may have worked every day for ten years at the family business, even though your spouse owned it before marriage. You contributed toward it as part of the marriage, making it marital property. Your spouse may attempt to keep it as premarital property.
With the right attorney by your side, you may be able to convince the courts that you have earned a portion of that asset during your time in the marriage.
If your estate is considered high value, it is imperative that you hire a family law attorney in Chesapeake. You will have various assets, including retirement accounts, brokerage accounts, and investments, that you need to protect during the division of assets.
Handling Marital Debts
Sometimes it is a matter of finding a fair way to split marital debts. You may wonder if you should file for bankruptcy before or after the dissolution, you may want to see if some of the premarital debts will remain separate, or you may be worried about the family home that is still under mortgage.
These issues can be addressed with the right attorney. A family law attorney in Chesapeake, or your other Hampton Roads, Virginia city, can help you determine which route is best for marital debts (including if you should file for bankruptcy).
For assistance with your divorce or property division case, turn to Chesapeake family law attorney Bart Keil.
Schedule a consultation by calling 757-548-2323 or request more information through our online contact form.