Separate Property Versus Marital Property
What happens to the boat that you bought before you were married? Who is responsible for the student loans that your spouse acquired before you even met? Will your husband receive half of your grandmother's inheritance? Who has rights to your home if the title is only in your name?
These are just a few of the many questions that will arise during a Virginia divorce and property division - items, properties, gifts, and assets will be appraised, scrutinized, and inspected in order to determine who will ultimately get what. One of the most important parts of the property settlement process is when the judge determines whether your assets are classified as separate property, marital property, or a combination of both.
What is considered separate property under Virginia law?
- All property that was acquired before the marriage is considered separate property.
- All property that was given as a gift or received as inheritance before or during the marriage is considered separate property.
- All property bought with the proceeds of a sale of separate property is considered separate property.
- The increase of value on a piece of separate property is also considered separate property unless significant personal contributions of the other party have resulted in a considerable increase in value.
What is considered marital property under Virginia law?
- All property titled in the names of both parties is considered marital property.
- All property acquired during the marriage that has not been determined as separate property is considered marital property.
- All property related to pensions, profit-sharing, retirement plans, and deferred compensation acquired during the marriage and before the final separation is presumed to be marital property unless there is evidence to the contrary.
In addition to marital property and separate property, a Virginia judge can also classify items as "part marital property and part separate property." This is a complex category that has a definition specific to the facts of individual property settlement cases.
Whether you property is classified as marital property or separate property has a huge impact on what you will receive in your property division settlement. The best way to ensure that your assets are categorized correctly is to enlist the help of a knowledgeable and assertive division of property attorney in Virginia who can argue your case and protect the items and assets that are rightfully yours. Contact us to talk to us about your division of property case.
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If you'd like to schedule a consultation, call us at 540-659-2184 or fill out the form below:
Rinehart, Butler, Hodge & Moss, PLC
1259 Courthouse Road
Suite 105
Stafford, Virginia 22554
Phone: 540-659-2184
Fax: 540-659-8143
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