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Divorce is a time of great emotional upheaval, but it’s also a situation that requires a lot of careful financial planning. Dividing up all of the assets and debts of your marriage must be done carefully so that you can walk away in the best possible financial position. At the W. Ware Morrison Law Group, our Virginia Beach lawyers work with you to find the most equitable solution to property division following your divorce.
Marital property includes that which was earned or acquired during the marriage, such as your home if you purchased it after you married. Separate property includes:
Assets and items earned or acquired before the marriage
Personal gifts received during the marriage
Inheritances received during the marriage
The increase in value to separate property during the marriage
Child support is also affected by custody arrangements. The W. Ware Morrison Law Group helps you obtain a reasonable child support settlement or judgment as part of your divorce process.
Property that was separate can be converted to marital property if it is shared with the other spouse. An increase in value to separate property may be considered marital if the other spouse did something that contributed to the increase in value (like upkeep on a house). Only marital property is divided in a divorce. Separate property remains with its original owner. Debts are also characterized as either separate or marital and must be divided in the divorce. Our attorneys work with you to determine what is separate and what is marital property.
The contributions of each spouse to the family
The contributions of each spouse to acquiring and maintaining marital property
The length of the marriage
The ages and health of the spouses
The grounds for divorce
How and when the marital property was acquired
There are many ways property can be divided in a divorce. Our experienced family attorneys help you decide whether you need to sell the house, refinance the mortgage, or sell assets, among other difficult choices.
Virginia is an equitable distribution state, which means that marital property is divided by the court in a way that is fair but not necessarily a 50/50 split. The court considers the following factors:
The debts of each spouse
Whether marital property is liquid or nonliquid
The tax consequences to each spouse
Whether either spouse spent or used marital assets while planning for divorce
Any other factors the court deems necessary
Find out how our Virginia Beach lawyers have helped families like yours
The W. Ware Morrison Law Group has been offering property division advice and other family law assistance in Virginia Beach, Norfolk and Chesapeake for more than 20 years. Our extended office hours (8:30–6:30) mean we are available when you need us. Call us at 757.401.4378 or use the online contact form.
"He worked with me on a sensitive family law matter, and he was very compassionate and fought hard..."
VIRGINIA LAW FIRMS HELPS MILITARY AND
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Over 40 years of experience on your side
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