Division of Property

Question 1

Virgina follows a system of ____ for division of marital property

Answer 1

Equitable Distribution

Question 2

Equitable distribution does not mean

Answer 2

50/50 split

Question 3

To Divide property a court must

Answer 3

1) Characterization of property (whether marital or non marital)

2) Value property; and

3) Distribute property

Question 4

A court’s distribution of marital property is

Answer 4

Final and not modifiable

Question 5

Characterization

Answer 5

Martial property v. Separate property

Question 6

Marital property is

Answer 6

All property acquired by either party during the marriage that is not made by gift of bequest.

Also includes all property that is titled with both parties even if that property was originally a gift or bequest

Question 7

All property acquired during the marriage and before separation is presumed to be

Answer 7

Martial property

Question 8

Martial property is presumed to be

Answer 8

Jointly owned

Question 9

A court can transfer marital property to one party or

Answer 9

require the other party to buy out that party’s interest ; or

order the sale of the property

Question 10

Separate property

Answer 10

is not subject to equitable distribution

Question 11

Separate property is

Answer 11

1) all real or personal a party possessed before marriage.

2) All property received as a gift, inheritance, or bequest by someone other than the spouse

Question 12

Increase in value of separate property

Answer 12

is still separate property

Question 13

2 types of debt

Answer 13

1) Marital debt
2) Separate Debt

Question 14

Martial Debt

Answer 14

1) is all debt incurred in the joint name of the parties during the marriage; or

2) All debt incurred in either party’s name after marriage but before separation

Question 15

Martial debt is a

Answer 15

rebuttable presumption. If one party can show that the debt was incurred for a non martial purpose, the court may designate the deb/part of debt as separate.

Question 16

Separate Debt

Answer 16

Incurred by either party before marriage or after separation.

Question 17

Separate Debt

Answer 17

is a rebuttable presumption that can be over come by preponderance of the evidence

Question 18

Part-Marital and separate property

Answer 18

When separate property increased in value as a result of active contribution of a spouse, then that increase in property is martial property and will be subject to equitable distribution

(house owned before marriage, spouse puts work into it, increase in value in the house becomes marital property)

Question 19

Who has the burden of prove to show an increase in separate property is marital property ?

Answer 19

The non owner spouse

Question 20

Commingled property

Answer 20

might become marital property unless it is traceable by a preponderance of the evidence to the separate property

Question 21

Retirement benefits earned during marriage

Answer 21

are martial property

Question 22

Workers Comp/PI damages

Answer 22

can be martial property

Question 23

Professional degrees

Answer 23

are not marital property

Question 24

Social security

Answer 24

not marital property

Question 25

future interests

Answer 25

not marital property

Question 26

stock options

Answer 26

martial property earned during marriage

Question 27

increase value of a business (good will)

Answer 27

is martial property

Question 28

Valuation of property occurs on

Answer 28

on date on evidentiary hearing A motion to change the valuation date must be made 21 days before evidentiary hearing

Question 29

Equitable Distribution statuary factors

Answer 29

1) Monetary/non-monetary contributions to family's well being 2) Conditions of the parties 3) Length of marriage 4) Fault of the marriage (there are more)

Question 30

If court fails to look at all statutory factors

Answer 30

the award if invalid