DC Property Division Lawyer
Divorces can be tumultuous and contentious. Simultaneously dealing with the emotional aspects of a divorce while having to contemplate the logistics of your separation can be difficult. A DC property division lawyer can alleviate some of that stress, by guiding you through your divorce and the necessary division of property and assets. If you are considering getting a divorce, contact a skilled and compassionate divorce attorney who can advocate for you.
What Is a Community Property State?
A community property state is a state in which the state law identifies any assets acquired during the marriage or any marital assets as the community property of both parties. This means that each party jointly owns the marital property and legally has an undivided one-half interest in the property. Because of their undivided one-half interest, when the marriage ends, the assets are typically split evenly between the two parties in a divorce. Washington, DC, is not a community property jurisdiction, but rather it is an equitable distribution state.
Differences Between Real and Personal Property
Real property is a legal term that refers to real estate or land. In divorce proceedings, it often refers to the marital home or other real estate that either party in the couple owns. Personal property refers to everything else—cars, boats, vehicles, and personal items such as clothing, jewelry, furniture, etcetera. Personal property is often called “personalty” in a divorce proceeding.
The difference is that personalty is usually divided when determining the division of marital assets merely by assigning each item to one spouse or the other, as opposed to it having to be liquidated and having the value of the property split up, which may more typically occur in the case of real property when the spouses cannot agree if one or the other should keep that real property.
Many times, people co-mingle what was once separate property with marital property, which can result in everything becoming marital property. This is often the case with shared bank accounts. So, it is important to understand the effects that a person’s money management during the marriage can have on how the division of assets will actually take place when the marriage ends.
Hidden Assets
If someone believes that their spouse may have hidden assets or may not have fully, financially disclosed their true net worth, they should let their DC property division lawyer know. The nondisclosure of that information could potentially result in any prenuptial or post-marital agreement being declared void or invalid. It can also factor into the judge’s decision when determining what an equitable distribution of assets will be.
Financial Dependence
Financial dependence in an individual’s relationship can also majorly impact the division of assets. If someone is the financially dependent spouse in their relationship, they should let their DC property division lawyer know. The spouse should also let their attorney know what kinds of sacrifices they made throughout the duration of the relationship, that put them in that position of financial dependence because the court will take those factors into consideration when determining what an equitable division of the assets might be.
Discussing Property With an Attorney
The division of property can be a contentious issue during a divorce, which is where a DC property division lawyer can help. If you are going through a divorce and you are trying to determine how the division of marital property will be determined by the court, it is extremely important to discuss with your DC property division attorney, what you consider to be marital versus separate property to ensure that you understand how that determination will be made by a court. Contact a family lawyer today, and rest assured that you are in capable hands.
