Property Division

Question 1

What type of property division state is Virginia?

Answer 1

Equitable distribution

Question 2

What are the steps for dividing property upon divorce?

Answer 2

(1) Classify the property
* Spouse A’s separate property
* Spouse B’s separate property
* Marital Assets

(2) Distribute the marital property only

Question 3

What is considered “separate property?”

Answer 3

(1) All property acquired prior to the date of marriage
(2) Any gift or inheritence received by one spouse in their sole name during the marriage
(3) Property acquired after separation
(4) Pain and suffering recoveries
* If either spouse recovers in tort for pain and suffering during course of the marriage, it’s separate

(5) Passive appreciation from separate property (i.e., passage of time and market forces)
* Any appreciation during marriage due to the effort of either spouse is considered marital asset

Question 4

What is considered marital property?

Answer 4

Anything other than separate property that comes into the marital unit during the marriage
* Income from one partner is marital property

Question 5

How can a court implement its award of property division?

Answer 5

(1) “In Kind”
* Give specific assets to each spouse

(2) Cash Award
* Value assets and order one party to make cash payment
* At judge’s discretion, can be lump-sum or paid in installments

Question 6

What impact does marital debt have?

Answer 6

Just like assets, only with a negative value–equitablly distributed just like assets

Question 7

What should you do on the bar if confronted with a pension in an equitable distribution question?

Answer 7

“The court would have to comply with the special rules imposed by federal law”