Division of Assets and Debts
The division of assets and debts is called “equitable distribution” and is Virginia’s way of describing the process of (a) classifying and (b) dividing marital property.
(a) Classification is the determination as to whether an asset is separate (e.g. a trust fund undisturbed during the marriage or an inheritance by one spouse always kept separate and apart), marital (e.g. a house purchased with funds earned during the marriage) or hybrid, meaning part-marital/part-separate (e.g. a retirement account with an employer, commenced before the marriage, into which contributions were made during the marriage). Virginia Code Section 20-107.3 sets forth the definitions of marital, separate and hybrid property.
(b) Division is the determination as to how to divide and in what percentage to divide marital or part-marital property.
We ascertain the likelihood of classifying certain property as separate, marital, or hybrid, and of tracing that property into today’s assets.
We are mindful of the pitfalls and costs of this process, and give the client our best opinion as to the pros and cons of trying to do the tracing. We also assess situations where marital property ought to be divided in some proportion other than 50/50. Based on our investigation and the client’s individual situation, we decide whether settlement, litigation, mediation, or collaborative divorce is the course best calculated to meet the goals of the client.
The attorneys at ROOP XANTTOPOULOS BABOUNAKIS will bring their experience, empathy and talent to work for the best interests of you and your family. If you would like to request an appointment, please contact our family law firm by calling 703.442.0040, or by sending us an email.
If you would like to request an appointment please contact our family law firm by calling (703) 442-0040
or by sending us a message below