Like most people, you have likely become attached to at least some of your material possessions. Perhaps you like looking at certain items with fondness or thinking about how it was an achievement when you could finally purchase them, like your car or your house. They may even serve as a reminder of how far you have come in life. However, you may now have concerns that you will lose those beloved items during your divorce.
Ending a marriage is a difficult process to complete. Even if you and your spouse can work together on certain matters, you may not agree when it comes to who gets what during property division proceedings. As a result, it is important that you understand how the law might come into play.
Because West Virginia is an equitable division state, the court will divide your marital property as fairly as possible. Because the split is not strictly 50-50, you could face the risk of having your soon-to-be ex ending up with assets you desired. As a result, it is important that you inventory your assets, consider your financial standing and that of your spouse, and determine which items you truly want to work toward obtaining.
Some possible marital assets you may want to consider include the following:
- Real estate
- Investment funds
- Retirement accounts
Of course, those examples do not cover every possible marital asset, and you may have even more high-stakes items to consider, like a business or an art collection.
Fortunately, any property you obtained before getting married should remain yours, and the court should not divide it during your divorce. However, the situation could become complicated if your spouse claims that an asset is marital property when you consider it separately or vice versa. Therefore, it may be wise to gather any documentation you have for specific items you believe are yours and yours alone.
You will likely need to take many details into consideration as you work through your divorce and the property division proceedings. It is wise to look into your assets as well as your debts and determine your best courses of action. If you need help in this endeavor, you can work with a knowledgeable family law attorney who can explain your options and help you work toward your goals.