Definitions of Property

Tony-Montagna

The Newport News Divorce lawyer, Anthony Montagna, III, has provided this page of Definitions of Property  for informational purposes only.  You should not consider this legal advice, and should contact the Virginia Beach, Norfolk, and Newport News Divorce lawyer, Anthony L. Montagna, III.  Our number is 757-625-3500.

DEFINITIONS OF PROPERTY:   (a) Husband and Wife acknowledge that “separate property” is defined as (i) all property, real and personal, acquired by either party before the marriage; (ii) all property acquired during the marriage by bequest, devise descent, survivorship or gift from a source other than the other party; (iii) all property acquired during the marriage in exchange for or from the proceeds of sale of separate property, provided that such property acquired during the marriage is maintained as separate property; and (iv) any part of marital property which may be declared separate property pursuant to court order. Husband and Wife further acknowledge that income received from separate property during the marriage is separate property if not attributable to the personal effort of either party, that the increase in value of separate property during the marriage is separate property, unless marital property or the personal efforts of either party have contributed to such increase and then only to the extent of the increases in value attributed to such contributions.  Husband and Wife further acknowledge that the personal efforts of either party must be significant and result in substantial appreciation of the separate property if any increase in value attributed thereto is to be considered marital property.

(b) Husband and Wife acknowledge that “marital property” is defined as (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 court order or (iii) all other property acquired by each party during the marriage which is not separate property as set forth in paragraph (a) above.

(c) Husband and Wife acknowledge that the definitions of “separate property,” “marital property” and “part marital and part separate property” are set forth in Virginia Code Section 20-107.3(A)(1), (2) and (3) which is expressly incorporated by reference herein.

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