Understanding Marital and Separate Property In a Virginia Divorce (Part B)

Marital debts can also be divided in a Virginia divorce. The court will look at the debts of each spouse and the collateral used to secure the debts before determining the portion of marital debt for which each spouse is responsible.

Virginia Division of Property: Separate Property

Separate property is any property that belongs to one spouse. An example of separate property is property that is acquired by one spouse before the marriage. Other examples include:

• Money that belongs to one spouse that is kept in a separate account during the marriage;
• Inheritances or gifts received before or during the marriage that are kept separate from marital property; and
• Property that is purchased by one spouse during the marriage that is not intended for use by the other spouse.

A post-nuptial agreement may also be used to designate separate property in the marriage. In order to have a valid agreement, the other spouse must agree in writing that the property is separate.

There are several ways in which separate property may be considered marital property in a Virginia divorce. For example, if you received an inheritance but place the money in a joint account that is used to take care of the household, it may be considered marital property.

If your ex-husband is claiming that an item or sum of money is separate property, but you believe that it qualifies as marital property, it is important that you share this information with your Virginia Beach divorce lawyer early in the process of the division of property. This way, your attorney can collaborate with you to gather the necessary financial records and evidence needed to demonstrate why a particular asset counts as marital property.

Hiring an Experienced Virginia Beach Divorce Lawyer

Dealing with the division of property in a Virginia divorce can be extremely complex. A Virginia Beach divorce lawyer can gather evidence that supports your claims of what is marital property or separate property.

Don't face a Virginia divorce on your own. Our Virginia Beach divorce lawyers care about your rights, the welfare and happiness of your children, and your financial security. Let us use our unique experience and legal expertise to help you focus on your goals for the future and your family. To learn more about Virginia divorce, request a FREE copy of our guide, What Every Virginia Woman Should Know About Divorce, or reserve your seat at our monthly divorce seminar - 757-425-5200.

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information-estate planning for young families-www.generationslawfirm.com
information-family law and estate planning for the LGBT community-www.FamilyEqualityLawCenter.com

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