Division of Assets in DC
Getting the division of assets split in a divorce isn’t easy.
Who gets the house? Is my spouse entitled to my 401K? How do we divide up the family business?
Understanding the laws, and what you’re entitled to, can be confusing and frustrating. With the help of a skilled attorney who knows the laws in DC courts, you can get the division of assets split right, keeping the things you’re entitled to following the divorce.
What Is Division of Assets?
Division of assets is the process in a divorce where all assets – monetary, business interests, investments, and property – are split between a divorcing couple.
Anything that can be owned can fall under consideration for division of assets, including:
- Real estate
- Cars, boats, & other vehicles
- Vacation property
- Rental property
- Business interests
- Bank accounts
- Investments, such as 401Ks and stocks
- Household items
Understanding what is subject to division and what isn’t can be tricky.
Courts divide all property into marital property and non-marital property.
Marital property is anything invested or acquired during the marriage. All marital property is subject to division in a divorce.
This includes things such as gains on investments, interest earned on savings accounts, and all property purchased by the couple.
Things get a little more tricky when talking about non-marital property.
Technically, non-marital property is anything acquired before the marriage, as well as any inheritances or gifts given directly to one spouse or the other.
However, some non-marital property also can count among the split of marital property if resources were spent during the marriage to increase the value of that asset.
For example, if one spouse purchased a home prior to the marriage, that could be considered non-marital property. If, however, the couple contributed jointly to maintaining the property during the marriage, such as paying the mortgage, fixing it up, and paying taxes, portions of the value of the house can be considered marital property and eligible for division.
Hiring an attorney to determine the correct division of assets between a couple can be the difference between getting what you deserve in your divorce and losing out on a major asset due to misunderstanding the laws.
Your Experienced DC Division of Assets Attorney
At Lopez Law Firm, we have helped countless couples get the division of assets split correct, allowing both parties to move forward with a better sense of peace and financial security. Schedule your consultation today!