Richmond, Virginia Property Division Attorneys
Under Virginia state law, marital property is subject to an "equitable division" upon divorce. "Equitable division" does not mean a 50-50 split down the middle; rather, "equitable division" refers to what the court believes is fair given certain facts about both parties to a divorce, such as each spouses monetary and non-monetary contributions to marital property, their earning potential, health, and debts. At Cravens & Noll, our attorneys defend the rights and interests of clients in property division matters related to divorce.
Working with forensic accountants and other financial experts when necessary, we evaluate the value of closely held businesses, retirement funds, investment portfolios, real estate, and other property. We also provide documentation and evidence supporting our client's claims in regard to how marital assets should be apportioned. Our lawyers also take into account marital debt, in light of your divorce settlement, in way that protects you from being saddled with unfair debts.
If you own a closely held business or are concerned about how your retirement savings could be divided upon divorce, contact divorce attorneys at the family law office of Cravens & Noll today to schedule a free consultation to discuss your case.
The Division of Marital Assets and Property
The law office of Cravens & Noll assists and represents clients in divorce cases involving the division of marital property regarding the following:
- Qualified domestic relations orders
- 401ks
- Retirement funds
- Closely held businesses
- Equity in a home
- Assets gained through an inheritance
- Savings accounts
Determining what Counts as Marital Property
Typically, assets earned after the beginning of a marriage are considered "marital assets." The same is true for any inheritance: if a spouse uses an inheritance to remodel the kitchen or purchase stock, it is being used to contribute to the marital assets of the couple.
In the case of closely held businesses, value earned on a restaurant, retail store, construction company, consulting firm, or private medical practice can be considered marital property. There are, however, issues that could impact a company's bylaws if a divorce requires a buyout or change in a company's structure. Our attorneys can discuss these issues with you to determine how best to protect your interests.
Protect Your Credit - Addressing Marital Debt
It's important to keep in mind that the terms of your divorce settlement do not have any legal standing in regard to your obligations with creditors. Consequently, even if your spouse agreed to pay off a jointly held credit card, if he or she fails to do so the credit card company can - and will - come after you. As a result, it's important to address how marital debt will be handled and what recourse you will have should your ex-spouse fail to adhere to the terms of your divorce settlement.
For more information regarding divorce and the division of marital property, contact family law attorneys at the law office of Cravens & Noll today to schedule a free consultation.
