Five Common Problems When Dividing Assets In A Leesburg Divorce
Determining how property and assets accumulated over the course of your marriage are divided is one of the major issues that will need to be dealt with when getting a divorce in Leesburg. Even if you have not been together long or do not own a home or other major assets, reaching an agreement on these matters can still be contentious. The following are five common problems that often arise and the best ways for handling them:
- Hidden Assets.
When filing for divorce through the Loudoun County Court, among the various legal documents that must be submitted are financial disclosures. This is a complete list of all marital property, assets, and debts you possess. Unfortunately, it is not uncommon for one spouse to attempt to hide assets from the other during divorce proceedings to avoid having to split the proceeds. Prior tax returns, motor vehicle records, and property title searches can often reveal items you may have missed.
- Depleted Assets.
In addition to hiding assets, some spouses will attempt to either destroy, sell, or give property away to others for safekeeping to avoid having them subject to equitable distribution in divorce. They may also have depleted assets due to affairs, gambling problems, or drug and alcohol addiction. While you may not necessarily be able to reclaim property or funds, their actions could entitle you to a larger portion in a settlement.
- Marital Versus Non-Marital Property.
Under the Virginia Code, only items earned, acquired, or otherwise accumulated over the course of your marriage are subject to equitable distribution. However, non-marital funds can become comingled or you may have contributed to the maintenance and growth of a business your partner individually owns, entitling you to a portion in your divorce settlement.
- Marital Debts.
It is not only marital property and assets that are divided between you and your spouse in a divorce. You will also need to divide any marital debts accumulated over the years. This includes mortgages on your home, personal or auto loans, credit card balances, and tax debts. These may also be negotiated as part of your property settlement. In cases where debts are high, some couples opt to file for bankruptcy prior to filing for divorce so that they can start with a clean slate. In either situation, it is important to close any joint accounts and to begin reestablishing credit in your own name.
- Unreasonable Expectations.
This is a common problem in divorce proceedings, particularly if the relationship between the two parties is highly contentious. Equitable distribution involves a settlement that is fair to both people involved. Not being reasonable in negotiations can end up costing you both time and money.
Let Us Help You Today
At Schwartz Kalina, PLLC., we are dedicated to protecting your rights in divorce and in helping you get the maximum amount you are entitled to in equitable distribution proceedings. To request a confidential consultation regarding your options, contact our Leesburg divorce attorneys today.