Tysons Corner, Virginia, Marital Property Division Attorneys

If you are facing divorce, it is very important to understand your rights under Virginia's property and debt division laws. At the law office of The Maddox Law Firm, P.C., our lawyers protect and assert our clients' financial rights in the division of marital assets and debts. Working with forensic accountants and investigators when necessary, we uncover hidden assets, accurately determine debts and provide accurate assessments of closely held businesses when one or both spouses own a company.

Protect the financial interests of you and your children: contact divorce attorneys at the law office of The Maddox Law Firm, P.C., P.C. today to schedule an appointment and discuss your case.

Dividing Marital Property

Under Virginia state law, any property acquired over the course of a marriage must be equitably divided upon divorce. This includes the equity earned on a home brought into a marriage or purchased afterwards, as well as the earnings on 401ks, pension funds, stocks or bonds. "Equitable distribution," however, does not mean property and assets must be divided 50-50; rather, a judge will determine what constitutes a fair and equitable division given each spouse's financial, employment, educational and health situation. Additionally, how marital property is divided may depend on who is awarded custody of any children from a marriage.

The law office of The Maddox Law Firm, P.C. advises clients on the division of complex marital assets, including:

• 401ks
• Pension funds
• Home equity
• Investments and stocks
• Real property (marital home, vacation homes and other real estate)
• Closely held businesses
• Qualified Domestic Relations Orders (QDROs)

The Division of Marital Debt

While any assets acquired over the course of a marriage are subject to division, any debt held on joint lines of credit must also be divided. If you and your spouse are jointly named on credit card accounts, car loans, utilities or other lines of credit, you can be held responsible for any unpaid debt. Even if you never used a credit card, if your ex-spouse defaults, the credit card company can initiate collection actions against you. Since the contract between you and a creditor is not impacted by your divorce agreement, even if your ex-spouse agreed to take responsibility for a loan or credit card as part of your divorce settlement you can still be held responsible if he or she defaults on it.

Contact the Law Office of The Maddox Law Firm, P.C. Today

The division of marital assets can impact your financial situation for years to come. In order to avoid a divorce settlement you'll regret, it's important to understand what is at stake financially and to take steps to protect your rights.

To learn how we can help you with property and debt division, as well as other divorce issues, contact our Northern Virginia law office today and schedule an appointment to discuss your case with an experienced divorce lawyer.