The Differences Between Marital and Non-Marital Property

If you are filing for divorce in the state of Virginia and you have chosen to include a marital separation agreement, you will soon be dividing up your property and debt.

You may now be wondering how the property will be divided. Generally, the way your property and debt are divided depends on the status of each item as a marital or non-marital asset.

Marital Property in a Marital Separation Agreement

Marital property and debt is that which is considered to belong to you and your husband jointly. This dual ownership is believed to be a function of marriage and is often difficult to divide when the marriage ends.

Here are general rules as to what qualifies as marital property: 

• Anything acquired after the date of your marriage is considered marital property or debt.
• Even those things which were acquired individually after the date of marriage can be considered marital property, including rights to pension and profit-sharing plans.
• Real estate in both names is considered marital property.  

Non-marital Property in a Marital Separation Agreement

Non-marital property is all that belongs to you individually. More simply put, anything that is not covered by the marital property requirements listed above is non-marital property.

Here are general rules as to what qualifies as non-marital property: 

• All assets or debts acquired before the marriage are non-marital debt.
• Gifts and Inheritance are considered non-marital assets.
• Income from individually owned property is non-marital property.  

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Talk to the experienced women's divorce lawyers at Hofheimer/Ferrebee to learn how to secure your property, your children's needs, and your financial security. Let us use our unique experience and legal expertise to help you focus on your goals for your future and your family. Contact us today at (757) 425-5200 for more information about our monthly seminars, or to schedule a one-hour legal consultation with one of our Virginia women's divorce attorneys.