Separate Property, Marital Property, and Hybrid Property.
A Virginia Beach Divorce Lawyer discusses separate property, marital property, and hybrid property:
Section 20-107.3 of the Code of Virginia, 1950, as amended defines “separate property,” “marital property” and “part marital and part separate property. As the Code notes, “separate property” is defined as (i) all property, real and personal, acquired by either party before the marriage; (ii) all property acquired during the marriage by bequest, devise descent, survivorship or gift from a source other than the other party; (iii) all property acquired during the marriage in exchange for or from the proceeds of sale of separate property, provided that such property acquired during the marriage is maintained as separate property; and (iv) any part of marital property which may be declared separate property pursuant to court order. Furthermore, income received from separate property during the marriage is separate property if not attributable to the personal effort of either party and the increase in value of separate property during the marriage is separate property, unless marital property or the personal efforts of either party have contributed to such increase and then only to the extent of the increases in value attributed to such contributions. Additionally, the personal efforts of either party must be significant and result in substantial appreciation of the separate property if any increase in value attributed thereto is to be considered marital property.
“Marital property” is defined as (i) all property titled in the names of both parties, whether as joint tenants, tenants by the entirety or otherwise; (ii) that part of any property classified as marital pursuant to court order or (iii) all other property acquired by each party during the marriage which is not separate property as set forth above.
Hybrid property is property that is part separate and part marital. The hybrid property can evolve from separate property due to the personal efforts of the parties.
Written By Jon Montagna
Jon Montagna received a Bachelor of Arts in Literature from American University in Washington D.C. and graduated Cum Laude from the University of Miami School of Law in 1999. Jon practices law in the Hampton Roads Virginia area.
Latest Blog Posts
-
Most Common Reasons for SSD Denials in Virginia
According to data from Atticus Law, only 42 percent of Social Security disability … -
Virginia Disability Benefits for Children
According to data from the U.S. Census, over three million American children, appr… -
How to File for Social Security Disability After Age 50
Most Americans will become disabled at some point in their lives, especially once … -
Working While on Disability: Understand the Rules
Dealing with a physical or mental disability is tough in day-to-day life. If you n… -
When Is It Legal to Pass on the Right in Virginia?
Overtaking on the highway is sometimes necessary, but it is important to understan… -
How Drivers Can Avoid Highway Hypnosis
Have you ever been driving but did not remember much about the drive? Maybe you we… -
What to Do if Your Recalled Vehicle Was in an Accident
In February 2023, Tesla recalled over 360,000 cars because of a major flaw with th… -
Virginia Estate Planning Cost and Fees
Whether you are a young adult newly turned eighteen or older, deciding to create a… -
How Many Will Executors Should You Appoint?
According to a 2018 study by EstateExec, it takes, on average, 16 months and about…
-
If you’re looking for someone who’s professional, attentive, serious, caring, and negotiable than Mr. Anthony Montagna is who you need. He understood his assignment and delivered well especially being with what I was looking at in my case. I want … -
I don’t know how he does it, but this man is a monster in the courtroom. I’ll admit I had fears of the outcome of my case, but when I was with Mr. Montagna in front of a judge. My confidence started to raise. Extremely professional and how he hand…
-
Honestly , Mr. Montagna treats like you are his family the way he cares, he takes care of his people , I was doing triple digit speed on a 60 and lord I thought it was over for me in that courtroom , he’s a genius because I literally got away with…
-
I have been a client of Montagna Law since 2014. Because the customer service is exceptional, I have established a rapport with everyone in the office. As a customer for 8 years, it is noted that this firm goes above and beyond for the clients.
-
Montagna Law are wonderful attorneys. I was diagnosed with stage 4 lung cancer and they assisted me from day one when I contacted them. I highly recommend their services! Thanks guy’s and gal’s for your services!