If you are currently confronted by the prospect of your marriage ending, you may feel overwhelmed by a huge number of emotions and concerns. In addition to dealing with the many changes to your everyday routine and lifestyle, you may be wondering how your personal finances will be affected by divorce proceedings. That is why we here at Donna Dougherty Law, P.C., are committed to providing clients with comprehensive legal counsel regarding property division and equitable distribution topics.
Given that many people assume that property division in divorce is the automatic 50-50 split of all marital property, you may have serious concerns over how your assets will be divided. It is important to keep in mind, however, that Virginia is an equitable distribution state. That means that the court prioritizes dividing marital property in a way that is fair and equitable to both parties involved.
Equitable distribution also implies that a large number of assets can be considered marital property under the law, and may therefore be subject to property division. For instance, funds that your soon-to-be ex-spouse contributed to his or her 401(k) account during the course of your marriage may be identified as marital property. Similarly, personal savings that you deposited into a joint account with your husband or wife can also be subject to property distribution.
Properly identifying and valuating all marital property is a major aspect of ensuring that property division proceedings are equally fair and equitable to you and your soon-to-be ex-husband or wife. Learn more about the valuation and distribution of retirement plans and other topics by visiting our web page any time.