What is the difference between marital, separate and hybrid properties?
Marital property includes assets acquired during the marriage. Household items, joint bank accounts, funds accumulated into investments/retirement during the marriage, cars and homes titled to both spouses are all examples of marital property.
Separate property includes any assets attained either before the marriage, after the parties separate, and assets inherited or gifted to one spouse during the marriage from a source outside the marriage. An investment made prior to the marriage or an inheritance specified to one spouse is generally considered separate property in Virginia.
Hybrid property includes assets that may have once been separate, but over time has generated income, increased in value and/or is mixed with marital property over time. An example would be land that one spouse owned prior to the marriage, where the couple works together to build a home on the land, increasing the value of the property. Another would be a 401(k) plan that included amounts deposited both before and during the marriage.