The court determines the ownership of all "real and personal property." This term includes a wide variety of assets, including jewelry, the marital residence, other real estate, bank or credit union accounts, furniture, paintings or other art work, automobiles, business interests, and other types of property managed by both or either spouse during the marriage. Most future income and future assets, except for pensions, are not included in equitable distribution of property.
Virginia considers marital property to be of three basic forms:
1.Property acquired by either party during the marriage that is not separate property
2.Property that is part marital and part separate.
3.Property whose title is held by both parties (however, this still may be proven to be separate or partly separate if it can be traced accurately and fairly to separate property).
Separate property includes:
1. All real and personal property acquired by either party before the marriage
2. All property acquired during the marriage by inheritance or gift from a source other than the other party
3. All property acquired during the marriage in exchange for or from the proceeds of the sale of separate property, provided it is maintained separately.
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