Property Division Attorney in Washington, D.C. Providing Strong Legal Representation For Men in Divorce Proceedings

One of the most contentious aspects of ending a marriage occurs when the divorcing spouses must address the division of property. Although it seems straightforward, the legal process involved in asset division can be overly complex.

Generally, marital assets are those that have been acquired during the marriage.

The situation becomes even more challenging if the couple has joint ownership of real estate properties, a family business, investments, debt, or shares children. In addition, even if a property is only titled in one spouse’s name, it could still be considered marital property if acquired after the marriage.

However, a skilled property division attorney can thoroughly evaluate your joint assets and help you understand your legal options.

If you are facing a divorce or wish to learn more about D.C. laws regarding property division, contact The Fathers’ Rights Firm to schedule a strategy session with an experienced attorney.

How Are Marital Assets Divided in a Divorce in the District of Columbia?

Unlike other states that follow community property laws, the District of Columbia is an equitable distribution jurisdiction. Equitable distribution determines how marital assets will be divided when two spouses file for a divorce. However, the term can be misleading as the law requires the division to be fair, but it is not necessarily equal distribution of assets.

There are several important terms to understand when discussing equitable distribution:

Real property: A legal term that refers to real estate or land. In a divorce, this term deals with the marital home or real estate the couple jointly owns.
Personal property: Also referred to as “personalty” property, this includes all of the other assets a couple owns, such as vehicles, boats, and personal items such as jewelry, clothing, and furniture.

If the two spouses cannot agree on how real property should be divided, it will be sold, with the proceeds going to each party. Conversely, personal property is typically assigned to one party or the other.

Finally, money and property obtained through inheritance are considered separate property even if it was acquired during the marriage. Inheritance rights also state that any gifts one spouse obtains are not considered marital property.

In addition, a prime factor that is considered when determining a fair distribution of assets involves shared bank accounts. Each spouse’s financial history and any potential economic misconduct are examined and can directly affect how assets are eventually split between the two parties.

What Factors Are Considered in Equitable Distribution?

When the court determines how marital assets should be divided, several factors play into its decision. Although the circumstances in a divorce greatly differ from couple to couple, some of the most common factors the court examines include:

The length of the marriage.
Each spouse’s overall contribution to the marriage, including acquiring marital property.
The needs, liability, and estate of each spouse, along with the probability of future financial circumstances.
The income of each spouse
The assets, debts, and income of each spouse.
The occupation or vocational skills of each spouse.
The employability of each spouse.
Who will be the custodial parent of any children the marriage has produced?
Each spouse’s health and mental well-being.

If it is discovered you have hidden assets or other funds that you have not disclosed to the court, you could be ordered to pay significantly more in spousal support and even risk jail time on fraud charges. For this reason, it is always advisable to disclose all of your assets and income rather than face legal repercussions for not complying with the court.

How Can a Prenuptial Agreement Protect My Assets?

A prenuptial agreement is a legal document between spouses that outlines a division of property should the marriage end in a divorce. A prenup, as it is commonly called, is an excellent way to ensure that certain assets that you bring into the marriage or obtain while married are protected.

Some of the assets that a prenup can be used to protect include:

Retirement benefits/retirement plan
Non-liquid character assets such as real estate, jewelry, or cars.

In some instances, couples who have married without signing a prenup decide to sign what is known as a transmutation agreement. A transmutation agreement is a form of a postnuptial agreement that changes marital property to separate property or vice versa.

The Father’s Rights Firm can answer any questions regarding your prenup or the benefits of signing a transmutation agreement.

What Are the Benefits of Hiring a Property Division Attorney?

The idea of dividing your property with your soon-to-be ex-spouse can be frustrating and overwhelming. For this reason, it is always best to hire a skilled property division attorney who can advise you on your rights and how to protect your assets.

One issue that many spouses worry about is the tax consequences of dividing property in a divorce. However, the IRS realizes that divorces often result in asset transfers and do not have to be reported on your taxes as long as they are “incident to the divorce.”

Understanding what is considered marital property in terms of a divorce can be confusing; therefore, it is always best to consult with an experienced attorney who can answer your questions.

If you are facing a divorce and division of property, you should always have qualified representation who can act as your legal ally. The Father’s Rights Firm is dedicated to fighting for individuals who need assistance with property division issues and helping them reach a favorable resolution.

Contact the law office of The Father’s Rights Firm of Washington, D.C., at 1-877-CUSTODY if you would like to schedule a strategy session. We will gladly review your case and explore your possible legal options.