Marital property, however, cannot become the separate property of either spouse without a valid agreement between the couple. Experienced in Asset Recovery If you believe that your spouse has absconded with a portion of your assets, we are experienced in asset recovery and can assist you in the collection of what you are owed. The spouse with lower economic prospects may receive a larger percentage of the estate. In Virginia the court may include the retirement benefits and plans earned by both spouses as marital assets available for division. Did you bring money into the marriage that you earned when you were single, or that came from an inheritance, etc. How do Courts Divide Marital Property in Virginia? Some examples are as follows: 1 a husband could sign over the family home to the wife in exchange for the wife signing over to him the beach property and her interest in his share of their investment in their real estate syndicate. LegalZoom provides access to independent attorneys and self-help services at your specific direction.
Most future income and future assets, except for pensions, are not included in equitable distribution of property. If the couple divorces or obtains a legal separation, all of the community property is divided evenly. Our senior attorney, Lyne Ranson, is a former white collar crime prosecutor from the U. Hybrid property is property that is part separate property and part marital property. Classifying Property: Marital Versus Separate As stated above, courts must determine whether property is marital or separate. Reach out to Recht Law at 1 877 321-7324 for your.
Her combination of legal and financial knowledge will help you find the right solution as you move through your divorce. At , our attorneys are experienced in handling the most sophisticated and complex property divisions. An income tax refund is nothing more than a return of income. An experienced family law attorney will know how to draft these agreements, what specific provisions language should be included, and can help make sure your rights are fully protected. Division of Marital Property in Northern Virginia Just behind child custody and alimony, the process of dividing marital property can be one of the most difficult parts of divorce.
Determining how to divide that property in a way that meets both parties' needs can be exceptionally difficult, especially if the divorcing spouses are not on good terms. If, however, you don't have children and you own the house together, this question gets tricky. In order to divide up property in a divorce action, categories of property have been established. Upon decreeing the dissolution of a marriage, and also upon decreeing a divorce from the bond of matrimony, or upon the filing with the court as provided in subsection J of a certified copy of a final divorce decree obtained without the Commonwealth, the court, upon request of either party, i shall determine the legal title as between the parties, and the ownership and value of all property, real or personal, tangible or intangible, of the parties and shall consider which of such property is separate property, which is marital property, and which is part separate and part marital property in accordance with subdivision A 3 and ii shall determine the nature of all debts of the parties, or either of them, and shall consider which of such debts is separate debt and which is marital debt. However, to the extent the contributed property is retraceable by a preponderance of the evidence and was not a gift, such contributed property shall retain its original classification.
Are you worried about losing your business or your retirement savings? Marital Property Division In Virginia If you and your spouse have acquired a considerable amount of assets during the course of your marriage, it is important that you know the right steps to take to protect your rights in those assets in the event you and your spouse decide to divorce. The personal efforts of either party must be significant and result in substantial appreciation of the separate property if any increase in value attributable thereto is to be considered marital property. Marital property is often but not always evenly split. Equitable division does not mean marital property is divided equally, it is divided in manner that results in a fair or equitable result for each spouse. After considering any waste of marital assets and deeming which assets are impractical to divide—thus resulting in one spouse paying a monetary award to the other—both parties will leave with their fair portion of marital property and assets.
In addition to the monetary award made pursuant to subsection D, and upon consideration of the factors set forth in subsection E, the court may direct payment of a percentage of the marital share of any personal injury or workers' compensation recovery of either party, whether such recovery is payable in a lump sum or over a period of time. Flexible appointment schedules Nearly 45 years of combined legal experience For more information on division of property or to speak with an experienced West Virginia divorce lawyer, , at 304-932-0591 or toll free at 866-473-6213 to schedule an appointment. An award entered pursuant to this subsection shall constitute a judgment within the meaning of § and shall not be docketed by the clerk unless the decree so directs. By being prepared, you will be in a better position to negotiate a property settlement that is in your favor. Until the pension has vested, the person under whom the pension is maintained has only an expectancy of interest in the pension.
The court may direct payment of a percentage of the marital share of any pension, profit-sharing or deferred compensation plan or retirement benefits, whether vested or nonvested, which constitutes marital property and whether payable in a lump sum or over a period of time. In general, the party seeking to classify property as hybrid has the burden of proving this. Only each party's economic contributions to the marriage are relevant to the question of property division. The balance of the plan is constantly changing, but its value is definable at any given point. In many cases, some portion of them accumulated prior to the marriage. West Virginia is one of a minority of states that not only divide marital or community property acquired during the course of a marriage, but may also divide assets earned prior to the marriage regardless of which spouse is the title owner. Dower and curtesy abolished §43-1-1 Section s : W.
A prenuptual agreement, or pre-nup, is a binding legal contract signed by both spouses prior to getting married in West Virginia. Call 703-552-4028 to schedule a free consultation. Attorney is not only an experienced attorney focusing her practice on , but also a certified public accountant. The court shall determine the amount of any such monetary award without regard to maintenance and support awarded for either party or support for the minor children of both parties and shall, after or at the time of such determination and upon motion of either party, consider whether an order for support and maintenance of a spouse or children shall be entered or, if previously entered, whether such order shall be modified or vacated. When marital property and separate property are commingled by contributing one category of property to another, resulting in the loss of identity of the contributed property, the classification of the contributed property shall be transmuted to the category of property receiving the contribution.