What do you need to know about the property?
The best way to prevent a divorce mishap is to always be up to date with the material related to a person’s property. Also always make copies of tax returns and all financial statements that are required to be signed. Copies of all bank and account statements are best kept for future reference. Spouses who are more aware of the progress of family finances have a greater advantage over those who are not.
When is property distributed in a divorce?
In Virginia court, property cannot be assigned until the case is over, the final divorce decree is required for distribution, and the court has full power to enter a “freezing order” where the spouses do not they can rule out selling any type of property until such time as a final decree is published. What is marital property?
Any property that is obtained throughout the marriage and is considered joint title property. As opposed to separate property, where the property was obtained before the marriage and in the sole name of either spouse or a property of one of the spouses obtained during the marriage acquired by inheritance or a gift from a third party. Separate property is property that is owned by only one spouse and is kept separate and not joined to the spouse’s marital property. The income produced by the separate property is individually kept away from the shared finances.
Is an engagement ring marital property?
No, engagement rings are not marital property since they were obtained prior to the actual marriage and are considered separate property.
What is hybrid property?
Hybrid property is marital and separate propertyin some measures. If the separate property is contributed to marital property at the time of the marriage, the property becomes marital. However, if the amount of contributions could be documented and summarized, the Virginia state court will consider the property a hybrid property. For example, if a home is owned from the time before the marriage is sold and the money from that sale is used to purchase or contribute to a new one throughout the marriage period, the new home is considered a hybrid property. . The court finds that contributions of marital property and significant personal efforts by either spouse increase the value of separate property over the course of the marriage, which is considered marital property.
How does the court divide marital property?
The factors on which the court makes an impartial division of marital property depend on:
- The welfare of the family contributions of each spouse, monetary and non-monetary.
- The fulfillment of each spouse, maintenance and conservation of the conjugal assets according to the contributions, monetary and non-monetary.
- The time span of the marriage.
- The spouse’s age, physical and mental state.
- The reasons that caused the divorce and the facts and factors that affected it.
- The time of marital property and how it was obtained.
- Each spouse debts and obligations.
The court of law in Virginia can award joint title property to either spouse or direct the properties to be sold.
If you need a Virginia Marital Property Lawyer to help you with your Virginia Marital Property case, call us at 888-437-7747. Our Virginia attorneys can help.