Fairfax Asset Division Lawyer

Trusted Asset Division Attorneys Committed to Your Future

When a marriage dissolves, figuring out how to split up the remaining assets can be confusing. With the help of a skilled Fairfax asset division lawyer, you can go through it with the support you deserve.

Making careful decisions now can ensure that your assets and finances are protected in the future. When you choose Keithley Law, PLLC to represent you, you can count on us to make sure you know about all of your options.

Understanding Virginia's Equitable Distribution Law in Divorce

Every person faces different challenges in the divorce process. Many people make the mistake of thinking that only those with significant assets should seek representation for the division of assets. The truth is, couples with both substantial and modest asset holdings should consult with a legal professional.

Although Virginia divides assets and debt using the "equitable distribution" process, this does not mean that assets will be split 50/50. It simply means that the court will attempt to divide the assets fairly and "equitably."

When property is divided, some factors which may be considered are:

• The length of the marriage
• The debts incurred during the marriage
• The economic standing of each spouse
• The physical and mental needs of each spouse
• The employment potential of each spouse
• Which parent has custody of the children
• The reasons for the divorce or separation
• Contributions to marital property, including financial and non-financial contributions (such as homemaking)
• Any spousal support award to either spouse

Key Types of Assets Divided During Divorce

Marital property includes assets and debts acquired by either spouse during the marriage, regardless of whose name is on the title. In a divorce, various assets are subject to division, with the goal of achieving a fair distribution between the spouses.

Here’s an overview of the types of assets that are typically divided:

• Real Estate: Primary residence, vacation homes, and rental properties.
• Financial Accounts: Bank accounts, investment accounts (stocks, bonds, mutual funds), and retirement accounts (pensions, 401(k)s, IRAs).
• Personal Property: Vehicles, jewelry, and collectibles.
• Business Interests
• Debts: Mortgages, credit cards, and loans.
• Insurance Policies: Life and health insurance.

Ensure a fair division of assets arrangement. Call our Fairfax asset division attorney at (703) 454-5147 or contact us online now!

Frequently Asked Questions About Asset Division

How Is Separate Property Treated in A Divorce?

Separate property consists of assets acquired before the marriage or received as a gift or inheritance during the marriage. In Virginia, separate property is generally not subject to division. However, if separate property has been commingled with marital property or if its value has increased due to marital contributions, it may be subject to division or reimbursement.

Can I Keep My Retirement Accounts and Pensions?

Retirement accounts and pensions accrued during the marriage are considered marital property and subject to division. The division of retirement benefits often requires a Qualified Domestic Relations Order (QDRO) to ensure that the non-employee spouse receives their share of the benefits. The specific method of division can depend on the type of account and the terms of the plan.

What Happens If We Cannot Agree On Property Division?

If spouses cannot reach an agreement on property division, the court will make the decisions for them. This typically involves a trial where each party presents their case, and the judge issues a ruling based on the principles of equitable distribution and the factors considered during the proceedings.

Schedule a Consultation with Keithley Law, PLLC for Asset Division Guidance

When our firm takes on your case, you can trust our commitment to protecting your best interests. We are happy to answer your questions about how your assets will be divided and how to move forward after.

This is a difficult time in your life, but you do not have to go through it alone. Our Fairfax division of assets attorney is dedicated to providing you with the personal attention you deserve to pursue a positive outcome.