A Smart, Practical Approach To Property Division
On paper, dividing assets in divorce may sound like a dry exercise in accounting. But how your assets and debts get divided can impact your financial future for years to come. Therefore, it’s important to be as thorough and strategic as possible, and to work with an attorney who understands the many choices you face and the likely consequences of each decision.
That’s what you’ll find when you contact Herrenkohl Law Office in Barboursville and Beckley, West Virginia. We will protect your rights and interests at all stages of the divorce process and ensure that your share of assets is fair and meets your short- and long-term needs.
What To Know About Dividing Assets
West Virginia uses the “equitable distribution” model in divorce, which means that martial assets must be divided equitably between both spouses (which is not always the same as equally). Therefore, the first step in the process is to determine which assets are marital and which are separately owned. We discuss this in greater detail on our Family Law Overview.
It is particularly important to be strategic about the big-ticket items subject to division, including the marital residence and retirement savings/accounts. Not only are these assets financially valuable in their own right, but they also require a careful analysis of tax obligations, value appreciation/depreciation and other considerations. In short, their worth cannot always be taken at face value.
Learn more about what to bring to your divorce and property division consultation.
The Importance Of Hiring A Skilled Attorney
Most of us have a diverse set of assets, many of which may not come immediately to mind. The process of accounting for all assets, properly classifying them and working to divide them in a fair and sensible manner is time-consuming and complex. If done improperly, details may be missed and decisions may be made without the necessary information. The end result is a divorce settlement that doesn’t meet your needs or your goals.
Our firm has more than 25 years of experience, including extensive experience in family law and divorce proceedings. We have helped countless other clients, and we can help you, too.