Property Distribution

Virginia is a “marital property” state, and thus, at the time of divorce, the court will seek to “distribute property” amongst the parties as “equitably” or as fairly, as possible. “Marital property” includes anything purchased during the marriage from marital funds, like the marital residence, cars, bank accounts, and even clothes and jewelry. Further, all value accrued in any property during the marriage can be considered marital property. Moreover, not only the assets of the couple are distributed, but also all debt and taxes accrued and owed are considered as property of the couple. The court may order the sale or liquidation of assets in order to achieve a more equitable result.

However, not all property owned by the spouses during the marriage is deemed “marital property.” Some property is considered “separate” or “hybrid” property, and may not be included within any distribution. “Separate” property is that property (1) owned by either party before the marriage, (2) inherited or received as a gift by a particular party, (3) or otherwise provable as separate from the marital assets. But if the other spouse in some way aids in the maintenance, upkeep, or management of this separate property, the instant property is “transmuted” into “hybrid” property. In such cases the court may assess to each party a portion of the value of such property. Moreover, should one “commingle” one’s personal assets into the marital estate, those funds can be considered marital property. In all, these distinctions are a complicated area of the law and should only be negotiated with the advice of an attorney experienced in this area of the law.

If you are in need of assistance, please call Dickerson & Smith today for an appointment 757 463 4900.