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property division Archives

Separate bank accounts do not equal separate property

Married couples in West Virginia usually share much more than their last names. From homes to groceries to favorite TV shows, much of marriage seems to be based on shared assets and activities. However, after witnessing their parents and friends' parents go through sometimes bitter divorce proceedings, many millennials are much more cautious when it comes to marriage. These young adults are doing things a little differently than past generations in order to protect their financial assets. Unfortunately, these efforts may not be as effective during property division as some might think.

Is property division complicated during gray divorce?

Just like there is no wrong age for marrying, there is no wrong age for getting a divorce. However, depending on a couple's age or the stage of life they are in, there may be unique hurdles to overcome. For West Virginia couples who are over the age of 50, dealing with property division and retirement can be a challenge.

Don't leave property division up to chance

Untangling years or even decades of shared marital property is not a small undertaking. Aside from the financial interests that both you and your ex have, there are probably also significant emotional investments involved. This means that dealing with property division is more complicated than most people in West Virginia might think.

What happens to my credit card rewards point during divorce?

While people in West Virginia might not be big fans of debt, it might be difficult to find a person who does not have at least one credit card in his or her name. However, having a credit card does not mean that a person has a lot of debt. Indeed, many people use credit cards wisely to take advantage of point reward programs. While this might be advantageous, problems can arise during divorce. How does one even begin to split a credit card rewards point?

Property division, more affected by tax changes

The month of January usually sees higher rates of divorce than any other time of year. While this spike in filings is normal, the resulting divorce processes might not be. Recent changes to the tax law will affect how West Virginia couples handle things like property division, alimony and other issues.

Is separate maintenance right for you?

Divorce is not the only option for unhappy couples in West Virginia who are ready to end their relationships. If you and your spouse want to separate but remain legally married, you have the option to do so. The act of separate maintenance has many benefits and can also simplify the divorce process should you later on decide that you are ready to end things for good. 

Pets and property division -- staying out of court might be best

Most pet owners in West Virginia would agree that their pets are not property -- they are family. However, for the purpose of property division, state family law treats most people's four-legged babies as little more than another asset that must somehow be divvied up during proceedings. As attitudes towards animals are rapidly changing, some couples are opting to deal with their pet woes outside of the courtroom.

Property division may not be what you expect

Most people are quite attached their property, and understandably so. Whether it is the perfect couch that one spent months shopping for or a favorite book that holds a great deal of sentimental value, a person's property often feels like an extension of him or herself. This can make dealing with property division during divorce -- an already emotionally-trying process -- incredibly difficult. However, understanding how the process works in West Virginia can help ease most people's worries.

For a more successful property division, leave emotions out of it

Property, assets and personal items often have significant emotional value to the owner. However, few people in West Virginia realize just how strongly they feel about their things until they are in the middle of a divorce. Property division can be one of the most contentious issues you will deal with when ending your marriage. 

Millennials head off property division disputes with prenups

Delaying marriage in favor of advancing a career is perhaps as millennial as it gets. Many people in West Virginia want to have a more secure job and stronger financial foundation before tying the knot, which is understandable, but it can present problems. What is a person to do when he or she brings significant assets into a marriage? For most, a prenuptial agreement that addresses property division is the smartest approach. 

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