If you are facing a high asset divorce in Virginia, you are probably laser-focused on one particular legal issue: property and debt division.
The amount and complexity of assets in these types of divorce cases can bog down efforts to reach a resolution in the case, but there is another aspect of the case that usually needs to happen first: defining what to include in the marital property and what should be considered separate property.
Be familiar with the terms
The outcome of a high-asset divorce can impact your life for years to come. So, it is only prudent that you become familiar with the legal terms that will be important factors in your divorce case. “Marital property” and “separate property” are two of those terms.
In general, marital property consists of any assets the divorcing couple accumulated during the course of the marriage. A family home, vehicles, investment accounts, artwork – if you and your soon-to-be ex-spouse accumulated these types of assets together while married, the chances are high that it will be considered marital property. As a result, these assets are subject to property division.
However, some assets could be considered to be separate property, under certain circumstances. For example, if you inherited assets or acquired assets before the marriage that you always kept separate – you did not combine the assets with jointly owned, martial property – then those assets could be designated as separate property.
The facts of your divorce case will be unique and, therefore, so too will be the process by which property and debt division plays out in your case. High-asset cases can get complicated in a hurry, so be sure that you are getting the best information for your specific situation.