Divorce can be a tough experience to go through for many people. Often, people want nothing more than to just get it over with and never have to see their spouse again. However, the process isn’t always easy. Divorce involves a number of complications, one of the most difficult being which partner gets what.
Separating your property and assets is a complicated process, particularly for high net-worth individuals. For example, how does one split a house? Part of this step is done with the help of an experienced divorce attorney, who can help you negotiate the terms of your situation. To begin, however, it may speed the process along to know which property is separate and which is communal.
Separate Property
Separate property belongs to one spouse only. One partner could have brought it into the marriage, meaning he or she owned it beforehand, or the property could have been attained after the marriage. Assets acquired by gift, bequest, devise, or after the marriage belong to a single spouse and won’t be included in the property division process. The most common forms are:
- Property owned by one spouse prior to the marriage
- Gifts
- Inheritances
- Certain personal injury awards
- Property acquired in one spouse’s name which was never used for the other spouse
- Deliberately separated property
Marital Property
Marital property, also called marital property, includes income earned after the marriage and before the separation. Likewise, anything purchased with marital money is considered communal, such as a home or a car. This could also be true if the spouses’ incomes were not separated after the divorce was in motion.
Virginia is an equitable state, meaning marital property may not be divided equally, but it will be distributed equitably.
Hiring an excellent Fairfax property division lawyer will make the process go significantly quicker. Contact us at (703) 935-4222 or fill out our online form for a case consultation. We have represented people successfully in property division negotiations, but we are also fully prepared to go to court with you and fight for your assets. Call us today!