Dividing Assets and Debts In a Loudoun County Divorce
If you are going through a divorce in Leesburg, you know first hand the havoc it can wreak with your finances. While dealing with reductions in income and making the adjustment to living on your own is hard enough, having to divide assets you spent years accumulating over the course of your marriage makes it even more difficult. To ensure your rights are protected and that you get the maximum amount you are entitled to in any settlements or orders issued, it is important to be aware of how marital property, assets, and debts are divided in Loudoun County divorce cases.
Dividing Marital Property In Your Divorce
One of the most important issues you will likely deal with in your divorce concerns the division of marital property and assets. Under Section 20-107.3 of the Virginia Code, anything earned, acquired, or otherwise accumulated over the course of your marriage must be divided on an equitable, though not necessarily even, basis. This means that the judge will consider factors such as the length of your marriage, each person’s income or earning potential, and the amount of premarital assets they possess in determining an arrangement that is fair. Items that will be divided during these proceedings include:
- Homes, land, and vacations or rental properties;
- Cars, campers, motorcycles, and other forms of transportation;
- Household furniture and belongings;
- Antiques and artwork;
- Hobby items and collectible;
- Boats, camping gear, and other types of sports or recreational equipment;
- Jewelry, furs, and other personal belonging;
- Money in checking or savings accounts;
- Investment, stocks, and shares in businesses;
- Retirement and pension benefits.
Debts Will Be Divided In Your Divorce As Well
In addition to dividing any marital property and assets during your divorce, you will also need to divide all marital debts. You will be required to submit a financial declaration in the Loudoun County Domestic Relations Court along with your divorce petition listing any amounts owed. These may include:
- Mortgages and any outstanding amounts owed on property;
- Car loans and other secured debts;
- Personal loans and lines of credit on bank accounts;
- Credit card balances;
- Medical bills;
- Past due taxes,
- Utilities and any other debts you and your spouse own.
These will be divided between you and your spouse on an equitable basis as well. In some cases, you may be able to trade rights to marital property in order to reduce your share of debts. Other factors in your marriage may influence these proceedings as well. If one of the parties was responsible for a larger portion of the debts or engaged in any type of marital misconduct, such as having an affair, this could reduce the amount the other owes.
Let Us Help You Today
At Schwartz Kalina, PLLC, we are dedicated to protecting your rights when it comes to dividing marital property, assets, and debts in a divorce. To request a consultation with our Leesburg divorce attorneys, call or contact our office online today.