Legal Question in Family Law in Virginia
pre-marital asset
If a spouse had a property before marriage that the married couple subsequently resided in after marriage for 3 years and then had as rental property for the remainder of a 14 year marriage and sustained rental income losses on taxes and used joint income to pay mortgage and periods of vacancy and renovations, should the owner spouse be required to give the non-owner spouse a portion of the proceeds from the sale of the townhouse during a legal separation period?
1 Answer from Attorneys
Re: pre-marital asset
You can convert some or all of separate property to marital property in several ways. This townhouse is part marital and part separate. The years that you used joint income to pay the shortfall in rental income and the 3 years you used marital income to pay the mortgage while living there has converted some of the value to marital property. I don't know how many years that amounts to but the long and short of it is that your spouse would be entitled to some compensation. Of course, everything is negotiable so it could be that you might negotiate not paying any compensation if the facts of your case warrant that result.
If you have any questions, please do not hesitate to contact me at [email protected]
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