Virginia is a marital property state. Any assets obtained during your marriage are subject to an equitable distribution. In property division, the key is to determine how assets were handled during the marriage. Trace hidden assets and determine the extent of marital property such as family and vacation homes; cars; antiques or family heirlooms; real estate investments; 401(k) or other IRAs and stocks, bonds and other retirement plans.
Your estranged spouse will not obtain profits from your business if your business transactions were kept completely separate from your marital affairs. Protect your best interests by looking at your business’ financial structure.
If estranged spouse was given a gift or inheritance, we will determine if the inheritance was co-mingled with your joint savings. If so, we will advocate for you to obtain an equitable distribution of the inheritance based on how the assets were handled during the marriage. Similarly, we will seek to understand the extent of your marital debts. Any loans or credit cards you took out together during your marriage remain both of your responsibility.
For further information or questions please schedule a consultation in our Alexandria, Virginia office.