Going through a divorce is a challenging and emotionally taxing experience. When it comes to property division, the process can be particularly difficult, especially if you have substantial assets. If you are going through a divorce in Virginia Beach, protecting your assets is a critical concern. In this post, we’ll explore some key strategies and legal considerations for safeguarding your property during a divorce.
Understand Virginia Law on Property Division
Virginia follows the “equitable distribution” approach in property division. This means that assets acquired during the marriage will be divided in a fair and equitable manner, but not necessarily in a 50-50 split. Factors that affect property division include the length of the marriage, each spouse’s income and abilities, the couple’s standard of living, and any property owned before the marriage.
Determine Your Marital and Separate Property
Before entering into any property division negotiations, it is essential to figure out which assets are marital (acquired during the marriage) and which are separate (acquired before the marriage or by gift or inheritance). Marital assets will be subject to division, while separate assets will remain with the respective owner. To avoid commingling of marital and separate property, keep separate funds in a separate account.
Hire an Experienced Virginia Beach Divorce Attorney
One of the most effective ways to protect your assets during a divorce is to hire a knowledgeable and experienced divorce attorney in Virginia Beach. An experienced attorney can help you understand your rights, negotiate effectively with your spouse, and represent you in court if needed. They can also guide you on how best to prepare your financial and asset records for property division.
Consider Mediation or Collaboration
While divorce litigation is always an option, it is often a costly and time-consuming process. Mediation or collaboration is an alternative dispute resolution method that allows the couple to negotiate and reach an agreement without going to court. This method can be particularly helpful for couples who want to retain control over the outcome of their divorce and avoid a bitter court battle.
Protect Your Business Interests
If you own a business or have a significant interest in a business, divorce can pose a serious threat to your financial stability. To protect your business interests, it’s essential to work with an experienced business and divorce attorney who can offer strategic advice and representation. Business owners can use various tactics such as transferring ownership interests, claiming the business as separate property, or dividing its value.
Going through a divorce is never easy, but by taking strategic steps, you can protect your assets and secure your financial future. If you’re getting a divorce in Virginia Beach, it’s essential to educate yourself on the relevant laws and seek the help of an experienced divorce attorney. Remember that proper planning, documentation, and negotiation with your spouse can help you achieve a satisfactory outcome. With the right approach and support, you can navigate property division and emerge from your divorce with your finances and assets protected.
Virginia Beach Divorce Lawyer
Having a clear understanding of what to bring to your initial consultation with a divorce attorney, take the next step by scheduling your meeting with Invictus Law today. Our Virginia Beach divorce attorneys are prepared to sit down with you, assess your situation, and assist you in progressing toward the next chapter of your life. Get in touch with us today by either filling out our secure form, or by calling us at 757-317-5125.