In Virginia, the division of marital assets and debts is called equitable distribution. The division of assets and liabilities is often contentious not only because the parties want to retain the majority of the assets, but also because they do not want to be responsible for taking on debts incurred during the marriage. In addition, the classification, valuation and division of marital assets can be complicated and requires the assessment of numerous factors as set out in Virginia Code §20-107.3.
Our attorneys provide detail-oriented, thorough counsel regarding all types of property, including:
- Retirement assets such as pensions, 401(k)s, 403(b)s, IRA’s
- Military retired pay and government retirement benefits
- Thrift Savings Plans (TSP)
- The Federal Employees Retirement System (FERS)
- The Civil Service Retirement System (CSRS)
- Deferred Compensation
- Stock options and Stock grants
- Investment accounts, Stocks, Mutual Funds
- The family home and other real estate interests
- Business interests
- Bank accounts
- Personal property (i.e. cars and furniture)
Many retirement accounts, military or otherwise, require a specific order to be on file before benefits will be distributed. This may be a Qualified Domestic Relations (QDRO) or another type of retirement division order such as a Court Order Acceptable for Processing (COAP) or a Retirement Benefits Court Order (RBCO).
QDROs, COAPs and RBCOs are all highly technical documents that require accuracy and precision. Our attorneys know the pitfalls associated with these documents.
Like retirement accounts, real property and other assets, the value of a business must also be divided between divorcing parties. Even if one spouse worked at the business and the other managed the home, the homemaker may seek a share of the business. If both spouses were partners in the business, dividing the value while still keeping the company operational can be a real concern.
Before dividing the value of a business, that value must be ascertained. Accurately and fully capturing the scope of the marital assets can be complex, however, requiring a careful review of business records and tax returns.
To be successful in these high-stakes property division cases, an attorney must have a detailed knowledge of the assets and liabilities involved. Most importantly, a lawyer must have a strong and solid relationship with forensic accountants, tax professionals and other experts. Our law firm has developed trusted relationships with specialists in various areas of finance, tax and business.
Contact Our Virginia Law Firm
To find out more about the division of marital property and debt in Virginia, including the valuation and division of complicated assets such as retirement, business interests and stocks and investments, contact Maddox & Gerock today. Call our Falls Church office at 703-883-8035 or send us an email.