If you are filing for divorce in Virginia, you may be faced with a host of issues that must be resolved before creating a divorce settlement. One of the most difficult topics to tackle may be that of property division. With emotions running high, it can be hard to determine who is entitled to what in the final settlement. Whether you are going through a court-room divorce and it is up to the judge to decide the fate of your property or you are dividing your property through mediation, it is important to know what marital property entails.
Many believe marital property is simply your family home, vehicles, furniture and contents of your bank account. Yet, it is actually much more. The following are also considered marital property:
Collections, such as antiques, art, coins, cars and jewelry
Memberships to exclusive country clubs and golf courses
Lottery ticket winnings and income tax refunds
Frequent flyer miles and travel rewards points
Intellectual property, such as trademarks, copyrights and patents
Pets, photographs, keepsakes and other sentimental items
Any gifts given between you and your spouse are considered marital property as well. If either you or your spouse loaned money or items to a third-party during the course of a marriage, you are entitled to half of that amount once it is repaid. This holds true even if the item is repaid after the divorce. It is critical that you understand all of the forms of marital property so you can be sure to get everything you are entitled to in the divorce.
This information is intended to educate and should not be taken as legal advice.