There are three types of property that have to be addressed in a Virginia divorce case: separate property, marital property, and hybrid property. This blog post is dedicated to the second type of property, marital property.

Marital property, generally, is property acquired during the marriage and the entire value gets divided in some form or fashion.

However, many people I talk to don’t understand how broad this category of property is. So what is marital property, and what gets divided in a divorce case?

What is Marital Property in Virginia?

Virginia law has a legal definition for marital property. The legal definition of marital property is:

(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 subdivision 3, or

(iii) all other property acquired by each party during the marriage which is not separate property as defined above.

In basic terms, most property acquired during the marriage, regardless of whose name it is in, is considered to be “marital property.”

Some common examples of marital property that often surprise people include:

1. If your spouse has a Kohl’s credit card you were entirely unaware of, then you could be responsible for portions of this as “marital debt” even if your name is not on the card.

2. If you purchase a vehicle during the marriage but your spouse’s name is not on the vehicle, then your spouse could be entitled to money if you decide to keep it.

3. If you purchase a house during the marriage but do not add your spouse’s name, then your spouse could still be entitled to reimbursement.

4. If you have a separate bank account without your spouse as a joint account holder, then the money in that account added during the marriage could be divided.

5. If you are self-employed and started a business during the marriage, then your spouse may be entitled to compensation.

There are a lot of exceptions to these categories, which is one of the major reasons to talk to a lawyer.

Why It Matters Whether Property is Marital

Virginia divorce judges have to divide property that is considered marital in some form or fashion. If property is considered marital, then you have to start financial planning to determine what your ideal outcome in a divorce case will be. You may decide that selling marital property as part of the divorce proceedings makes more financial sense than offering your spouse a buy out to keep the property.

All of the marital property combined is what we call the “marital estate,” and understanding the size and make up of the marital estate is important to having a game plan for divorce proceedings.

Why You Need a Divorce Lawyer.

A good divorce lawyer is able to help you look at all the property you have and determine which items are marital property and which are not. They can also help you create a financial game plan for what happens during and after the divorce and to prioritize those property items that matter most to you. Also, a divorce lawyer can connect you with financial planners if you need additional assistance planning for life after divorce.

Make sure you call a divorce lawyer if you are looking at a divorce.