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Relationship Discussion (non-explicit)
Reply to "Second marriage finances"
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[quote=Anonymous][quote=Anonymous]It’s usually 50/50 marital unless there is something unusual. The premarital split is surprising if true and for only 2 years? How to protect that?[/quote] Well they are lying but you don’t commingle assets. In Virginia, the increase in value of premarital assets is generally considered separate property, unless the increase is due to marital property or the personal efforts of either spouse. However, a court may classify property as a hybrid of marital and separate if certain conditions are met: The spouse who didn't own the property can show that its value increased significantly during the marriage The owner spouse made significant personal efforts to improve the property The owner spouse can show that something other than their efforts caused the increase in value For example, if one spouse inherits money and puts it into a joint brokerage account, the money in that account becomes hybrid property. Premarital retirement assets, like IRAs and 401(k)s, are usually exempt from equitable distribution during a divorce. However, if you contributed to a retirement account during your marriage, the court may consider those contributions to be marital property[/quote]
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