Protect What’s Yours With An Experienced Reston Property Division Attorney

Divorce often involves the division of a variety of types of property and debt. This process, called “equitable distribution” in Virginia, can be incredibly stressful for clients as they try to plan for their futures.

Our attorneys at Hirsch & Ehlenberger, P.C., are familiar with the nuances of property division. We have handled equitable distribution cases throughout Northern Virginia in our over 35 years of experience. Our team has experience with all types of assets, from common holdings such as retirement and real estate to unique assets such as stock options and business interests.

What Types Of Property Do Virginia Courts Divide During Divorce?

When dividing property in a Virginia divorce, courts meticulously examine all assets acquired during the marriage, regardless of whose name they are in. Some common assets the court may consider include:

• Savings: Generally, the money a couple puts into savings accounts during their marriage is marital property, regardless of whose name is on the account.
• Real estate: Often among the most valuable assets a couple owns, a home, vacation properties, commercial real estate and other property acquired during the marriage may need to be divided.
• Businesses: If one or both spouses own a business, it may become a marital asset depending on its structure and other details.
• Retirement accounts: 401(k) accounts and other contribution plans are typically divided based on the marital portion accumulated during the marriage. The court may also divide pensions and other retirement pay, but this can become complex because calculations need to determine the current value of future benefits.
• Digital assets: Assets like cryptocurrencies, NFTs, digital wallets, domain names, intellectual property and many other assets present unique challenges for identification, valuation and division.
• Stock options, restricted stock units (RSUs) and employee stock purchase plans (ESPPs): Determining the marital portion of these compensation plans can be complex, especially if they vest over time and were granted before or during the marriage but vest after separation.
• Trusts and inheritances: While inheritances and gifts received by one spouse are generally considered separate property, if a couple has mixed those assets with marital assets, they can become partially or wholly marital property. One way this might happen is if an inheritance was used for the down payment on a family home.
• High-value collectibles and art: Collections of art, antiques, classic cars, rare coins, stamps or other valuable items require professional appraisal to determine their fair market value.

Understanding the full scope of marital assets subject to division helps ensure you receive your fair share during the property division process.

Asset Classification May Make A Difference In Virginia Property Division

Before dividing property, courts first determine (or the parties agree) which property is separate and which property is marital. Some property may also be hybrid, meaning that it is part marital and part separate. If you believe assets may lose their proper classification as separate or marital property, speaking to a property division lawyer is imperative early in the separation.

Beginning at your consultation, our attorneys look for any assets that might be separate or hybrid so we can assist you in obtaining the documentation and evidence needed to prove such a claim. Gathering evidence early in a case allows settlement negotiations to go more quickly and successfully, and can ensure that we are ready for a hearing if a settlement is not possible.

The next step is the appropriate division of the marital property. Virginia courts do not automatically divide marital property and debt equally. Instead, the court weighs a variety of different factors to determine what will be fair and equitable. This can mean an equal division, but that does not occur in many cases.

Some of the factors that the court will consider in property division include:

• What each person did to support the family, including both financial support and nonmonetary support, like staying home to raise the family’s children
• What each person did to buy, care for and keep up marital property
• How long the marriage lasted
• Each person’s age and physical and mental health
• What happened and what factors led to the divorce
• How and when the couple got each item of marital property
• Each spouse’s debts, why they owe them and what property backs those debts
• How taxes will affect each person
• Any other facts the court thinks are relevant

Couples may leave these decisions up to the court, or they may use collaborative divorce or the help of a mediator to reach a fair outcome through negotiation.

Discovery And Preparation: A Key Part Of Fair Asset Division Outcomes

Preparing for an equitable distribution (or property distribution) hearing involves substantial advance work. There are often scheduling orders that require all documents to be produced well before trial to ensure that both parties have a fair day in court.

Much of the trial process involves “discovery.” Discovery often includes interrogatories (written questions that have to be answered in writing), requests for the production of documents, subpoenaing documents, expert witness evaluations and depositions. If documents or information are not produced in discovery well before the trial, parties may be barred from using the documents or information to prove their side of the case at a hearing.

Contact Our Family Law Attorneys For Asset Division Guidance Today

If you would like more information about what to expect during the division of property (equitable distribution) or any other family law matter, contact Hirsch & Ehlenberger, P.C., for an initial consultation. Call us at 703-239-4832 or email us.