Lifebulb reports that Virginia’s divorce rate of 7.9 per 1,000 couples was higher than the national average of 7.1 in 2022.

With divorces being more common in Virginia, many couples face the difficult task of dividing property. Emotions can make the process tense.

Many people are unsure if they need a property division lawyer. Some assume they can split their assets fairly without legal help. Others feel that hiring an attorney might only make things worse or cost too much.

Property division can often lead to disputes, delays, and poor decisions. If you’re unsure, here are six signs indicating you may need to involve a competent attorney.

1. Dispute Over Asset Ownership

Many divorcing couples, especially those married for a long time, argue over who owns what. The reasons for this can vary:

  • Unsure about asset classification
  • Misunderstanding of marital vs. separate property
  • Hidden assets or debts
  • Mixing personal and joint funds
  • Emotional attachment to a certain property

Disagreements can escalate emotions quickly, making it difficult to remain calm. Even if both parties initially wanted an amicable divorce, unresolved disputes over property can quickly derail the process. It can add stress, delays, and make negotiations much harder.

If you are facing this challenge, consider involving a property division lawyer from a reputable firm like Kearney, Freeman, Fogarty & Joshi, PLLC. Our attorneys are highly experienced in Virginia family law. They can offer asset division help and guide you through the divorce process.

2. Hidden or Complex Assets

Some individuals are not transparent about their assets during a divorce. They may have hidden assets they don’t want to disclose, such as:

  • Unreported bank accounts
  • Hidden cash or valuables
  • Offshore accounts
  • Stock options
  • Cryptocurrency holdings
  • Business interests
  • Family heirlooms

Some individuals have complex assets that complicate their division. Examples include:

  • Retirement accounts
  • Real estate investments
  • Business shares
  • Intellectual property

A property division attorney can uncover hidden assets through collaboration with forensic accountants. They can also simplify the process of dividing complex assets.

3. Enormous Asset Inherited or Earned

Maybe you received a significant inheritance, or your spouse cashed in on a business deal. Situations like these often require careful handling to ensure fair treatment under marital property laws.

Inherited money is usually considered separate property, but can become marital property if mixed with joint funds. For example, depositing inheritance money into a shared bank account may turn it into joint property.

If you’re unsure how the law applies in your case, a lawyer can help. They can trace financial records and present your case to the court. Failing to get proper advice can lead to an unfair distribution of high-value assets.

If you or your spouse had a prenuptial agreement before receiving an inheritance, it’s important to understand how it affects your case. If your spouse received a considerable inheritance and had a prenuptial agreement, it may protect the assets.

However, you can dispute it if you believe the agreement isn’t fair. Divorce attorney advice can guide you through this complex process, ensuring fair asset division.

4. Considering Legal Separation

Some couples choose legal separation to take a break for:

  • Religious reasons
  • Financial reasons
  • Medical reasons
  • Parenting concerns
  • Personal space

Even without ending the marriage, you still need to divide assets during separation. The phase is often a time to separate finances and decide how to handle joint property. How you approach it can set the tone for future divorce proceedings.

The key difference between divorce and legal separation is that, in a separation, you remain married. Divorce officially ends the marriage. However, both require the division of marital property to be fair.

During separation, the division of assets should be clearly outlined. The goal is to protect both parties if the separation leads to divorce.

Working with a lawyer who offers legal separation counsel helps ensure your agreement is detailed, enforceable, and covers all potential future issues. Proper legal advice can prevent disputes later on.

5. Disagreement Over Retirement Accounts

Dividing retirement plans and investments can be one of the most complicated aspects of a divorce. The accounts often come with:

  • Tax rules
  • Early withdrawal penalties
  • Requirement for a Qualified Domestic Relations Order (QDRO)
  • Complex valuation methods
  • Restrictions on access

If you or your spouse has a 401(k), pension, or stock portfolio, you’ll need asset division help to ensure everything is split properly and legally. Missing even one step in this process can lead to financial loss or delays in accessing funds.

A property division lawyer can assist with the necessary paperwork and ensure the division process is handled correctly. It’s critical to follow the correct steps to avoid future problems. Having expert help in this area can save you from costly mistakes.

6. Property Division Not Finalized After Divorce

You may assume that everything was resolved once your divorce became official, but that is not always the case. Some couples rush through the process or leave details unresolved, like:

  • Selling a shared property
  • Transferring a title
  • Splitting joint debts
  • Refinancing mortgages
  • Finalizing retirement account distributions

In these situations, post-divorce asset management becomes necessary. A property division attorney can help enforce previous agreements or finalize terms left hanging. Without follow-through, you may find yourself financially tied to your ex in ways you did not expect.

If you didn’t complete these steps during the divorce, addressing them now is important. A lawyer can help guide you through this process and ensure that you’re fully separated from your ex’s financial obligations. Don’t let these issues slip through the cracks.

Involve a Property Division Lawyer to Get Your Fair Share

Dividing property in a divorce can be complex. A property division lawyer helps ensure that everything is split fairly.

From hidden assets to retirement accounts, legal guidance is crucial for protecting your interests. A lawyer can also assist with post-divorce asset management, ensuring all terms are carried out.

At Kearney, Freeman, Fogarty & Joshi, PLLC, we’ve been serving Northern Virginia for over 30 years. Our attorneys understand the complexities of asset division and work to ensure you receive your fair share.

Trust our experienced team to expertly handle your property division needs. Contact us today for the support you need.