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Understanding Division Of Marital Property

As an equitable distribution state, Virginia doesn’t require an even division of marital property in divorce so much as it requires a fair one. The advice you receive from the Carroll County property division lawyer at McGrady & McGrady, PLLC, will help you understand what that means under the facts of your own case, and then we’ll help you negotiate a property settlement that makes sense for you. Contact us in Hillsville at 276-779-4451 for the advice of an experienced family law attorney.

Division Of Marital Assets And Debts

The first step is to get a clear idea of what constitutes the property and debts that need to be divided in your divorce. Anything you owned or owed before you were married is presumed to be a separate asset or liability excluded from the marital estate, but your spouse can present evidence to the contrary. Issues as to what’s on and off the table are called characterization problems, and we can help you present a strong case when the character of key assets is in legitimate dispute.

Much of the work of dividing a marital estate will involve assigning accurate values to assets and debts. Some forms of property or indebtedness can be harder to assess than others such as:

  • Interests in family businesses, professional practices or closely held corporations
  • Real estate in volatile markets
  • Pension or retirement benefits that haven’t fully vested
  • Antiques, art collections, sports memorabilia or classic cars
  • Unliquidated claims against a family business or under a personal guarantee
  • Tax liability
  • Marital debt

Your lawyer will work closely with you to develop and document your claim to your share of the marital estate without assuming more than your share of the liabilities. Because property division issues are usually resolved in connection with alimony issues, you’ll find that a firm sense of your goals and priorities will help you work through what might be fast-paced negotiations or hard-fought court hearings.

Contact Us Today

Find out how our experience and focus on practical solutions can help you work through marital property division problems and other family law issues. Contact McGrady & McGrady, PLLC, at 276-779-4451 for a free consultation.

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