Washington, D.C. Property Settlement Agreements
Dividing property in a divorce
When you decide to divorce it means that you also have to begin deciding how to divide the property that you and your spouse own. It is not uncommon for hard feelings to be expressed when it comes to determining who gets what. The attorneys of Kuder, Smollar, Friedman & Mihalik, PC work hard to assure that our clients obtain fair and equitable distribution of their property in divorce proceedings.
A skilled professional can help you navigate the process
It is not only emotions involved in the division of property of divorcing couples, the process itself can be complex and that is why a skilled divorce attorney from Kuder, Smollar, Friedman & Mihalik, PC is the best means to assure you get what you deserve.
There are two types of property that must be distributed in the settlement:
- Community or marital property—bought during the time the couple is married and to be divided regardless of how it was purchased. In certain circumstances it can be overridden by "clear and convincing" evidence the property was purchased for just one spouse.
- Separate property—bought by either of the spouses before the marriage for what they expected was for their exclusive use and enjoyment.
When determining how property is to be divided, an attorney can guide you through the problems that can arise in regard to:
- Commingling—when separate and marital property are combined, or dealt with together, in a bank or financial account creating no distinction between separate and marital property.
- Transmutation—separate property that the spouses have treated as marital property, making it impossible to tell what type of property the spouses had intended it to be.
- Establishing a valuation date—critical at times in determining who gets property based on a meaningful change in the value-several dates can be used, such as the date of trial, the date of separation, the divorce date, or the hearing date and depending on time lapsed can result in significant swings in value and hence divorce asset allocations.
Once the property is classified as marital or separate property and valued, the parties then must divide it between them. It is also important to note that such an agreement also may include such issues as alimony payments or even custody of the children. (See also "Alternate Dispute Resolution").
Serving family law clients in Washington, D.C. Metropolitan Area
Kuder, Smollar, Friedman & Mihalik, PC provides comprehensive family law services to clients in the District of Columbia, Prince George's and Montgomery counties in Maryland, and Fairfax, Arlington and Alexandria counties in Virginia. Call us today at (202) 331-7522 or contact us online to schedule a consultation with one of our attorneys to discuss your concerns.