3 Asset Categories in a Virginia Divorce [and Answers to More Divorce FAQs]

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Q: How might charges of domestic violence impact custody and visitation orders?

Virginia’s Family Abuse Protective Order establishes three levels of protection in response to violent or threatening acts that lead to bodily harm or instill fear of bodily harm. These include:

  1. Emergency protection
  2. Preliminary protection
  3. Permanent protection

If a protective order is issued against one of the parents, the court will take it seriously when determining custody and visitation arrangements. Custody and visitation orders can be established through a permanent protective order.

Q: What are the three asset categories defined by Virginia divorce law?

Virginia law mandates “equitable distribution” of marital assets and liabilities. All property in a Virginia divorce fits into one of three categories:

  1. Marital property
  2. Separate property
  3. Hybrid property

Q: What do these property categories represent?

  • Marital property: This includes property the couple owns together, regardless of how the asset is titled. For example, equity in a home titled to one spouse may still be considered marital property. Other examples include investment properties, brokerage accounts, businesses, joint bank accounts, retirement funds, cars, and even household items like patio furniture and art.
  • Separate property: This refers to property that belongs solely to one spouse. Examples include money in an account brought into the marriage, gifts given to one spouse, or inheritance received by one spouse. Separate property can sometimes become hybrid or marital property, depending on how it is handled during the marriage.
  • Hybrid property: This category includes property that is part-marital and part-separate. For instance, a Roth IRA brought into the marriage that both spouses contributed to would be considered hybrid property. Likewise, a home or land owned prior to marriage that was later developed or improved by both spouses could also be classified as hybrid property.

Q: How can you assign value to marital assets and liabilities?

The method of valuing assets and liabilities depends on the type of asset. In some cases, the process is straightforward—such as determining the value of a Roth IRA by looking at the account balance. However, determining which portion of the account is marital, which is separate, and the passive growth of the separate portion can be more complex.

For more complex assets, such as real estate, jewelry, art, businesses, and intellectual property, valuation can be more difficult. Appraisers, business valuation experts, or accountants may be needed to accurately assess the value.

Need Legal Assistance?

If you need help with your Fairfax, Virginia divorce, contact the experienced attorneys at DiPietro Law Group, PLLC for a consultation at (888) 530-4374.

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