When Going Through a Virginia Divorce, What is Classified as Marital, Hybrid & Separate Property?

When Going Through a Virginia Divorce, What is Classified as Marital, Hybrid & Separate Property?

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divorce in Virginia.

 

What is separate property?

Answer: Examples include:

  • Property acquired before marriage
  • Property acquired after the parties’ final separation.
  • Property acquired during marriage by gift or inheritance from a source other than spouse
  • Property acquired during marriage in exchange for, or from proceeds of, separate property, provided such property is maintained during the marriage as separate property.
  • Passive income or growth of separate property.

 

What is marital property?

Answer: Anything that is not separate property.

Examples include:

  • Property titled in the names of both parties, unless it was not a gift and is traceable to separate property.
  • Property acquired during the marriage prior to separation
  • Increase in the value of separate property if the increase is material and is due to significant marital efforts.

 

What is hybrid property?

Answer: Property that started as separate property but was commingled during the marriage with marital property or “transmuted” in part to marital property (e.g. a business interest acquired before the marriage that significantly increases in value due to substantial marital efforts).

Property that started as marital property but was commingled with separate property (e.g. a 401k created during the marriage to which a spouse contributed funds post-separation)

 

Provided by the Roop Law Firm: Experienced and Successful Divorce Layers in Northern Virginia

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