Property settlements can be a complex process that involves many factors, especially if the couple separating were together for a long time. An experienced divorce or family law attorney will work to ensure that your interests are well represented.
Virginia identifies three types of property – separate, marital, and hybrid. Generally speaking, these classifications reflect which party acquired it, how the property was acquired, and when it was acquired. However, each type of property is categorized by a number of specific details that have been established through large numbers of previous cases. It’s also important to know that military pension can be a factor when negotiating a property settlement.
Hybrid Property – Property that is both marital and separate, such as a house one spouse owns prior to the marriage, but the mortgage is paid down by both parties.
Separate Property – Property that belongs to one spouse alone, to which the other spouse has no claim. Property acquired before marriage, after the date of separation, or through a particular circumstance such as a gift given to one spouse from a third party.
Marital Property – Property acquired by husband or wife after the marriage that presumptively belongs to both of them.
While each case comes with its own unique circumstances, there are factors that go into negotiating the division of property:
- Length of marriage
- Age and health of spouses
- Spousal contribution to the accumulation and maintaining of the property
- Value of the property
- Income earning capacity of the property
Our attorneys have many years of experience working family law cases and divorce cases in Virginia, and we can help you negotiate and navigate this very difficult legal and emotional process.