Dividing Assets And Debts In Divorce

The subject of dividing marital property during divorce can be extremely stressful and cause for argument between parties. If you and your spouse have decided to get a divorce, it is essential that you consult with a knowledgeable Richmond divorce lawyer about the subject of property division. Becoming familiar with Virginia divorce laws and how property and debt division are handled will benefit your case and allow you to make wise decisions.

At DeFazio Bal, our legal team can help you stay informed on how your assets will be handled throughout the divorce case. We want to ensure you are aware of your rights and work to aggressively protect them, preventing you from being taken advantage of.

Carefully Dividing Marital Property In Divorce

You should speak with our firm as soon as possible after making the decision to divorce your spouse. Having legal representation on your side is essential to ensure your goals are met throughout the divorce process. Whether your spouse is willing to discuss property division in mediation or you must go to litigation, our Richmond property division attorneys can represent your best interest.

There are many different factors considered by the court when making decisions about property division:

  • Duration of your marriage
  • Tax consequences
  • Age and health of each spouse
  • Existing or proposed custody agreement
  • Liabilities, property and income of each spouse

Virginia Property And Debt Division Laws

In Virginia, the courts work to come up with an agreement which is fair for both parties. This is usually a 50/50 division, but that does not necessary mean it will be equal. The only property, which is considered in property division is marital property, while separate property, including inherited property, property prior to the marriage and gifts are exempt.

Get Your Questions Answered In An Initial Consultation

From our two convenient locations in Glen Allen and Midlothian, DeFazio Bal serves clients across Central Virginia. To connect with one of our talented property division attorneys, send us an email or call 804-419-6551.