We Take on Cases Throughout West Virginia
When you get a
divorce, the property owned by you and your former spouse will be divided up by
the court, unless the two of you have reached an agreement. This process
is called equitable distribution. However, the term "equitable distribution"
does not necessarily refer to an equal division of property between you
and your ex-spouse. For these reasons, and many more, it is recommended
that you consult with an experienced attorney to get help with the process
of equitable distribution.
At Erica Lord Law Group, PLLC, our legal team has dealt with the complex
property division issues that require knowledge, experience, and creative
solutions. We can assist you with valuation and distribution of marital
assets, including dividing marital or quasi-community property like:
- Family Residence
- Real Estate Holdings, Investment Properties, & Rental Units
- Business Ventures
- Stock Options & Pensions
- Collectible Items & Antiques
- Insurance Policies & Insurance Proceeds
- Inheritances & Gifts
- Personal Property
Types of Property
There are three types of property that must be considered when it comes
to equitable distribution:
Separate Property: All property owned by either spouse before the marriage. Also includes
property acquired during the marriage by inheritance or third party gifts.
Marital Property: Property owned by either spouse that was acquired during the marriage.
This includes all vested pension and retirement benefits acquired during
Divisible Property: Real and personal property that includes the appreciation and diminution
in the value of marital property and other divisible property acquired
as a result of the actions of the spouses during the marriage, but before
separation. This includes passive income from marital property received
after the separation, as well as increases in marital debt, including
finance charges and interest for marital debt.
Courts consider the following factors to determine equitable distribution:
- Income, property, and debts of a party
- Child or alimony support obligations from previous marriages
- The length of the marriage
- The age and health of each spouse
- The efforts made by each spouse to acquire property
- Contributions made by one spouse to the other
- Actions taken by either spouse to preserve or waste their marital assets
Speak With Our Lawyer Today. Call (304) 605-2026.
If you are going through a divorce, you should consult with our legal team
as soon as possible. At Erica Lord Law Group, PLLC, we understand what
you are going through and know that your frustration with financial concerns
and marital stress can make you feel hopeless and helpless. Don’t
fret, we are we are here to assist you with all your legal needs.
Contact our Charleston family law attorney
to discuss your case and evaluate your options.