What Happens To Your Property After A Divorce?
Property division after divorce in West Virginia can be an emotionally draining time. Determining how to divide your stuff in a fair way to both parties can be very tough. West Virginia operates under the equitable distribution principle. Have you ever heard of the equitable distribution principle? If not, we are here to help you understand it, in case you ever have to go through it.
This month, we will explain the process of property division after divorce in West Virginia. First, we will talk about West Virginia’s distribution laws. Then, we will explain how the state characterizes and distributes property. Finally, we will talk about how the state of West Virginia places a value on marital property. Summers & Associates is proud to educate our customers about property division in West Virginia.
It’s Important to Understand West Virginia’s Property Distribution Laws
In the state of West Virginia, anything that belonged to only one spouse is considered separate. Anything acquired or earned during the marriage is marital property, regardless of who received it. Under West Virginia law, the courts must divide marital stuff under “equitable distribution.” If the
- How much each party contributes by monetary contributions.
- How much each party contributed by non-monetary needs.
- How much each party expended their efforts to increase the other party’s earning ability or decrease their own.
- How much each party contributed to dissipating or depreciating the property’s value.
In West Virginia, the courts do not consider either party’s misconduct when dividing property. Only each party’s economic contributions are relevant to property division.
Here’s How West Virginia Characterizes Marital Property
Under West Virginia law, spouses must submit all marital property to the estate for equitable distribution. However, they can keep their separate items for themselves. Both parties must disclose their debt and assets, making a case for considering each item separate or marital. Generally, marital assets consist of debts and assets acquired during the marriage. Separate property includes the following:
- Things received prior to the wedding.
- Items acquired with other separate property.
- Gifts and inheritances that they received during their marriage.
Things that were ordinarily separate can possibly become marital. The status can change through a process called commingling. In general, this process means using separate things as if they were marital. Disputes over proper characterization of particular assets and debt can frequently arise during the categorization of property.
West Virginia’s Distribution of Marital Property
The state of West Virginia begins its equitable distribution under the presumption of equal portions. The Mountain State also addresses several statutory factors that we mentioned above. These factors could favor one spouse over the other when it comes to equally distributing marital items. For fair, equitable distribution in West Virginia, both spouses must be on the same page. If they are not in agreement with the equitable distribution, it could make the process more difficult. The last thing both parties need in this situation is more added stress. Taking the time to make sure things are right can make the whole process easier for both parties.
Valuation of Marital Property in the Mountain State
Each item in the marital estate must have an assigned value prior to distribution. Disputes often arise over the item’s actual value. Some include real estate, motor vehicles, businesses, and financial assets. In this case, both parties often present contrasting appraisals to the court. After each item gets a value, the court decides the total value of the marital estate. To make the valuation process go as smoothly as possible, both parties must be on the same page. If the spouses are not in agreement on the value, the process could lag and cause more stress. Stress does not do anyone on either side any good in this situation. It’s important to make sure things are right to make this process go as smooth as possible. If you are stuck in this process, we can help.
Summers & Associates Offers First-Rate Divorce Service
The compassionate attorneys at Summers & Associates have helped couples with property division cases. We have many years of legal experience and believe that every case is important and unique. Summers & Associates prides itself on offering honest advice and high-quality representation. We use our expertise to fight for your rights and sort through the chaos of division. Our staff takes great pride in serving our clients with the best service possible.
Summers & Associates has developed an outstanding reputation throughout Parkersburg, WV, for providing divorce representation and other legal services. With a convenient location on Dudley Avenue, we work with individuals and families throughout the Mountain State. For many years, our law office has aided residents who require prompt and professional legal representation. To learn more about our divorce services, contact us.
For more information on property division after divorce in West Virginia, call Summers & Associates at (304) 420-0975. Our law office brings many years of legal experience to the office every day while proudly serving the Mountain State. We pride ourselves on educating our customers about property division after divorce in West Virginia.