We talked the other day about debt when it is marital and how it is often divided in a divorce. But marital ASSETS are categorized as either separate or marital before they are divided – so what happens in the event that debt is separate? It’s a good question. Typically, separate property is anything that...
Virginia Separate Debt in Divorce
If you have a trust fund or received an inheritance – whether before, during, or after your marriage – one of your big concerns when it comes to separation and divorce is probably how to adequately protect that asset. For many families, divorce marks a major turning point in their lives, especially as it relates...
In Virginia, we have three separate classifications for property: separate, marital, and hybrid. How property is classified impacts how it will be divided in a divorce. Marital and separate property are clear; what is marital is divided in the divorce, and what is separate belongs to the party who separately owns it. Hybrid property, on...
Debt is challenging under the best of circumstances, but when you’re considering a legal separation or a divorce, it can be a particularly challenging extra layer of complication. On its face, dividing debt is the same as dividing assets – in most cases, we look to the source of the debt, classify it as...
Dividing Inheritance in Divorce You probably already know (or at least suspect) that things that you earned or purchased during the marriage are marital property, and will be divided in the divorce. For most people, that means we’re talking about dividing the big ticket items – real property (houses and land), retirement and investment accounts,...
Technically, everything should get divided in divorce. Anything, that is, that was earned, purchased or acquired during the marriage.Technically, everything should get divided in divorce. Anything, that is, that was earned, purchased or acquired during the marriage. In Virginia (as in most places, though I can’t speak for anywhere outside the Commonwealth), property is divided...