West Virginia Divorce: Charleston Property Division Lawyers

One of the most stressful and anxiety-filled aspects of going through a divorce is trying to divide your marital property. This can also be a primary source of conflict and contention. Being faced with selling your family home, having to divide the profits of a family business or splitting up your lifelong retirement accounts and savings is daunting, to say the least.

An experienced and skilled divorce lawyer can exponentially ease your anxiety and reduce stress. Our property division attorneys at Lyne Ranson Law Offices, PLLC, have handled sophisticated and complex property divisions throughout Charleston and its surrounding West Virginia communities. They are ready to protect your rights and best interests and guide you through the nuances of dividing your property in your divorce.

Comprehensive Representation For Complex Property Division Challenges

If you are facing a divorce, a lawyer experienced in complex property division can provide the knowledge and insight necessary to protect your rights and your finances in the future.

At our firm, our attorneys can handle the following complex property division issues related to your divorce case.

• Determining which property and assets should be valued as marital property and advocating to protect property that should be excluded as separate property
• Fairly assessing your marital pensions and retirement accounts, including military retirement funds
• Evaluating and assessing your stock values, savings and checking accounts and any other financial accounts
• Uncovering attempts to hide assets
• Determining the value of a shared business
• Managing real estate appraisals and securing homestead rights
• Assessing the value of shared vehicles

In addition, we can help analyze and assess the validity of any previously signed prenup agreements. Our experienced property division lawyers will protect your rights and advocate for your best interests as you sort through the division of your marital property.

Frequently Asked Questions About The Division Of Property In West Virginia

Accurately dividing property during a divorce involves many complex financial decisions and an intricate understanding of the West Virginia divorce laws.

This can leave people with questions about the fate of their shared possessions. Below, our team at Lyne Ranson Law Offices, PLLC, answers some of the most common questions about the property division process that they’ve been asked throughout their years of practice.

Does West Virginia divide a couple’s assets equally?

In West Virginia, a couple’s property is divided equitably during a divorce. This does not necessarily mean that their property is divided equally. Instead, the court works to reach a fair outcome based on each spouse’s separate property, needs and earning potential.

Will I receive less of our marital property because I was a stay-at-home parent?

Some people worry that their time away from the workforce will mean that they receive a smaller portion of their household assets in divorce. However, this is not necessarily true.

While spouses who stayed at home did not make significant financial contributions, they still contributed to the household. As a result, they still have a claim to a fair portion of the couple’s savings and possessions. This means that even if one spouse contributed to the couple’s retirement assets while the other spouse stayed home, the spouse who stayed home is still entitled to an equitable division of the couple’s retirement savings.

What will happen to my family home?

The fate of a couple’s house depends on their situation. If one spouse owned their home before the marriage, that spouse might be considered the sole owner of the house. However, if a couple purchased the house together or both parties made contributions to the house, then that house is marital property, and both spouses have a claim to it. In addition, even if one spouse purchased the home prior to the marriage, the appreciation in the value of the house over the duration of the couple’s marriage could still be considered marital property.

If the house is marital property, there are different ways to handle the division of the asset. One spouse may buy out the other’s share of the home, either paying for that share outright or accepting a smaller portion of other property in exchange for the house. The couple may sell their home and divide the earnings. They may also choose to move forward as co-owners. A couple may choose any of these options depending on their priorities.

Do my spouse and I need to have a plan for how we will divide our money and belongings?

Some couples can work together to create a plan for dividing their property. This can help them create a plan that both spouses feel is fair and can reduce conflict.

However, if spouses disagree on property division, they can still take steps to protect what matters most to them. An experienced divorce attorney can help a divorcing couple create a strategy based on their financial priorities and whether or not the couple is able to collaborate on the division of their property. Otherwise, the decision on how to divide the couple’s property will fall to the court.

West Virginia Law: The Equitable Distribution Of Marital Property

West Virginia is an equitable distribution state, meaning that marital property is generally divided equally between both parties in a divorce. However, if one spouse has wasted marital assets, the court can decide to distribute more assets to the other spouse to compensate.

Nonmarital assets, or separate property, are not divided with your spouse. Nonmarital property can include:

• Gifts
• Inheritance
• Property accumulated before the marriage
• Property accumulated after the date of your separation

Our attorneys will help you protect those separate, nonmarital assets. Our experienced property division lawyers can assist you in protecting inheritances, gifts or other separate property and protect your right to be compensated equally for all marital property acquired during the marriage.

Complications In The Division Of Property: Hidden Accounts And Asset Recovery

One potential complication that can arise in the division of property during a divorce is tracking down all of the couple’s marital property and wealth. It is not uncommon for one spouse to attempt to hide assets. If you believe that your spouse has absconded with a portion of your assets, our attorneys have experience with asset recovery and can assist you in the collection of what you are owed.

Our founding partner, attorney Lyne Ranson, is a former white collar crime prosecutor for the U.S. attorney’s office and has extensive experience in following the money to identify financial losses and fraud in marital accounts. In addition, our legal team will employ financial experts and forensic accountants to recover hidden or improperly withdrawn funds. In our decades of combined experience, our lawyers have handled high-profile divorce cases and guided clients through the division of extremely complex asset and wealth portfolios in high-asset divorce cases. You can trust their experience and reputation for thoroughly and accurately assessing complicated divorce cases.

Consult A Charleston Division Of Property Attorney

For more information on how your property and assets will be divided in a West Virginia divorce or to speak with an experienced Charleston divorce lawyer, contact our offices by sending us a message or calling 304-932-0591 to schedule an appointment.