What is needed to know about property?
The best way to prevent a divorce misfortune is to always be up to date with the material involving a person’s property. Also always make copies of income tax returns and all financial statements that are asked to be signed. Copies of all the bank and stock statement are better kept stored for future reference. Spouses who are more aware of the ongoing of the family’s finance have a higher advantage to those who are not.
When does property get distributed in a divorce?
In the court of Virginia, properties are cannot to be allocated until the case comes to an end, final divorce decree are necessary for distribution, and the court has all the power to pronounce a “freeze order” where the spouses are unable to discard or sell any sort of property up to the point of when a final decree is released.
What is a marital property?
Any property that is attained throughout the marriage and is thought of as jointly titled property. Unlike separate property, where the property attained prior to the marriage and in the exclusive name of either spouse or a property of one spouse attained during the marriage acquired by either inheritance or a gift by a third party. Separate property is property that belongs to only one spouse and is kept separated and not joined with the spouse’s marital property. Income produced by the separate property is kept individual away from the shared finances.
Is an engagement ring marital property?
No, engagement rings are not marital property due to being obtained before the actual marriage and is thought of as separate property.
What is hybrid property?
Hybrid property is property that is both marital and separate in some measures. If the separate property is contributed to marital property in the span of the marriage, the property converts to being marital. However, if the amount of contributed could be documented and outlined, the court in the state of Virginia will consider the property as hybrid property. For instance, if a home possessed from the time before the marriage is sold and the money obtained from that sale is used to purchase or contribute to a new throughout the marriage span, the new home is thought of as hybrid property. The contributions of marital property and the significant personal efforts of anyone of the spouses, are considered by the court to increase the value of separate property in the span of the marriage being considered as marital property.
How does the court divide marital property?
The factors from which the court makes an impartial division of marital property depends on:
- The well being of each spouse’s family’s contributions, monetary and non-monetary.
- Each spouses achievement, maintenance and conservation of marital property according to the contributions, monetary and non-monetary
- The time span of the marriage
- The spouse’s age, physical and mental state
- The grounds that caused the divorce to take place and the events and factors that effected it
- The marital property time and how it was obtained
- Each spouses debt and obligations
The court of the law in Virginia, can either grant jointly titled property to either spouse, or instruct properties to be sold.