Difference Between Marital & Separate Property
9/23/2024
Marital and separate property represent distinct categories of assets with significant implications for divorce proceedings. Marital assets include those acquired by either spouse during the marriage, regardless of ownership titles. It also encompasses income earned, real estate purchased, investments, and other acquisitions.
Meanwhile, individual property includes assets owned before marriage, inheritances, gifts to one spouse, or those specified in a prenuptial agreement. These properties typically remain with the owning spouse and are not subject to division in divorce. However, it’s essential to maintain clear documentation and separation to prevent disputes when a marriage ends.
Understanding the distinction between marital and individual property lays the foundation for effectively navigating divorce proceedings. From there, recognizing the significance of equitable distribution laws in Virginia becomes important for ensuring a fair division of assets.
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