Equitable Distribution In Leesburg: Your Checklist For Dividing Property And Assets
There are a variety of matters that must be addressed when getting a divorce in Loudoun County. One of the most important is the equitable distribution of marital property and assets. Settlements and court orders issued can impact your rights and ability to recover financially from divorce for years into the future. To ensure you get your fair share, our Leesburg equitable distribution attorney has created a checklist of items to include in these proceedings.
Equitable Distribution in a Loudoun County Divorce
When getting a divorce in Leesburg, one of the areas you will need to address concerns the division of marital property. Under the Virginia Code, anything earned, acquired, or otherwise accumulated over the course of your marriage must be divided on an equitable basis between you and your spouse. This means that rather than split everything evenly, the following areas are some of the facts the court is required to consider:
- Each party’s income and financial resources;
- Their contributions to the marriage;
- The nature of the property (premarital, post-marital, or marital);
- Whether a premarital agreement is in place.
Getting the maximum amount of marital property you are entitled to is a top priority, as it can help you in making the adjustment to single life while avoiding potential financial setbacks.
Checklist of Property and Assets Subject to Equitable Distribution in Leesburg
When litigating a divorce through the Loudoun County Court, you will need to submit financial declarations as part of your case. This includes a comprehensive inventory of all marital property and debts, which are then subject to equitable division. In making this inventory, follow our checklist.
For marital property, include:
- Homes, land, vacation properties, time sharing, or any type of real estate;
- Vehicles, including cars, trucks, and motorcycles;
- Household furnishings, such as furniture, decor items, linens, and kitchen supplies;
- Hobby items, including sports equipment, artwork or craft supplies;
- Collectibles, including artwork, antiques, guns, coins, or stamp collections;
- Recreational items, including campers, tents, boats, or other equipment;
- Business property, including home office furniture, supplies, and inventory;
- Personal belongings, including furs, leather jackets, shoe or handbag collections, and jewelry.
For marital assets include:
- Money in checking and savings accounts;
- Stocks, bonds, and other investments;
- Shares in businesses;
- Cryptocurrency and other online assets, such as websites;
- Pensions, 401k’s, and other retirement accounts.
A thorough inventory helps to ensure you get your fair share. While you may not want some of these items, you can use your financial interest in them to negotiate what is most important to you.
To Get Your Fair Share in Divorce, Reach Out to Our Loudoun County Equitable Distribution Attorneys
Equitable distribution is one of the most important matters that are dealt with in Loudoun County divorce proceedings. To ensure you get your fair share in any settlements or final court orders issued, it is important that all marital property and assets be disclosed.
At Schwartz Kalina, PLLC, we are here to help you throughout the divorce process, protecting your rights and providing the trusted legal guidance and professional representation you need. To request a consultation, call or contact our Leesburg equitable distribution attorneys online today.
Sources:
law.lis.virginia.gov/vacode/title20/chapter6/section20-107.3/
vacourts.gov/courts/jdr/loudoun/home.html
