Divorce is hard enough, but dividing marital property can be even more so. First, the parties must identify what constitutes marital property, and that can be a contentious process, especially if there's been any commingling of funds between separate property and marital assets. Then, valuation of the property is necessary to make sure there's an even split of property, unless circumstances demand another proportion to reimburse one spouse for the bad behavior or waste of marital funds by the other spouse.
To get through it, you need the guidance of a divorce attorney who knows how to approach the division of assets and debts using the community property principle. At Saluja Law Offices PLLC, our family law lawyer in West Virginia will review your case, outline your best options, and advocate for your rights and interests. Contact us online or at 304-755-1101 to schedule a Free Consultation.
What are Marital Assets in West Virginia?
Generally speaking, marital assets are property obtained by either spouse, or both spouses together, during the course of the marriage. This property is to be distinguished from property that is kept separate, and only owned by one spouse. Marital assets may include real property, stocks, and retirement accounts. Debt accumulated by one or both spouses during the marriage can also be considered as marital property and belongs to both parties.
What Does Equitable Distribution Mean in West Virginia?
West Virginia operates under an equitable distribution system rather than a community property framework. This means that in divorce proceedings, marital property is subject to a fair division, which may not always be precisely equal. While some couples can reach agreements on property division through negotiation, thereby expediting the divorce process, others may require court intervention. In cases where agreement cannot be reached, the court will assess testimonies and evidence to determine an appropriate division of assets. It's important to note that this division may not be strictly equal, as the court considers various factors such as marital fault, child custody arrangements, the financial situation of both parties, and any instances of economic misconduct.
Contact a Division of Assets Lawyer in West Virginia Today
Division of community property is required when you get divorced. You and your spouse can agree as to who gets what, but ultimately, a judge will approve it. That said, when there's a lot at stake, division of assets and debts can become contentious. Having someone who knows the law and has strong negotiating skills will help make the process go as smoothly as possible. Contact us today either online or at 304-755-1101 to schedule a Free Consultation.