The dilemma of separate versus marital property is one of the most stressful aspects of a divorce. Throughout your marriage, you obtain property and assets together without thinking about what could happen if you split up. Unfortunately, if you divorce, you have to consider what happens to your assets.
If you and your spouse agree on gifts, the process is uncomplicated. Generally, things do not work out so easily though. According to Virginia, the courts can decree property to different parties.
Gifts from your spouse
You and your spouse may gift each other often during the marriage. Sometimes, spouses gift high-value gifts like family heirlooms or expensive items. If you gave your spouse a gift of high sentimental value, can you ask for it back? Of course, you can note what you want to keep while splitting up your property. The gifts shared between you and your spouse become marital property. Gifts to your spouse become a part of negotiations.
Gifts from relatives
If you receive a gift from a family member or close friend, you may have control over it entirely. This includes expensive gifts and inheritances. If the third party did not intend to give you and your spouse the present, then the court will consider it separate property and you do not have to worry about splitting it in the divorce.
Asset division during a divorce is a complex and emotional process for all parties involved. Make sure to list all of your property during negotiations to ensure a fair and equitable division. Hiding assets can result in trouble.
