Virginia SB 418: Division of marital property; military retainer pay.

Bill Text

2022SESSION
INTRODUCED
22101328D
1 SENATEBILLNO.418
2 OfferedJanuary12,2022
3 PrefiledJanuary11,2022
4 A BILL to amend and reenact § 20-107.3 of the Code of Virginia, relating to division of marital
5 property; military retainer pay.
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Patron––DeSteph(ByRequest)
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8 ReferredtoCommitteeontheJudiciary
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10 Be it enacted by the General Assembly of Virginia:
11 1. That §20-107.3 of the Code of Virginia is amended and reenacted as follows:
12 §20-107.3. Court may decree as to property and debts of the parties.
13 A. Upon decreeing the dissolution of a marriage, and also upon decreeing a divorce from the bond of
14 matrimony, or upon the filing with the court as provided in subsection J of a certified copy of a final
15 divorce decree obtained without the Commonwealth, the court, upon request of either party, (i) shall
16 determine the legal title as between the parties, and the ownership and value of all property, real or
17 personal, tangible or intangible, of the parties and shall consider which of such property is separate
18 property, which is marital property, and which is part separate and part marital property in accordance
19 with subdivision 3 and (ii) shall determine the nature of all debts of the parties, or either of them, and
20 shall consider which of such debts is separate debt and which is marital debt. The court shall determine
21 the value of any such property as of the date of the evidentiary hearing on the evaluation issue. The
22 court shall determine the amount of any such debt as of the date of the last separation of the parties, if
23 at such time or thereafter at least one of the parties intends that the separation be permanent, and the
24 extent to which such debt has increased or decreased from the date of separation until the date of the
25 evidentiary hearing. Upon motion of either party made no less than 21 days before the evidentiary
26 hearing the court may, for good cause shown, in order to attain the ends of justice, order that a different
27 valuation date be used. The court, on the motion of either party, may retain jurisdiction in the final
28 decree of divorce to adjudicate the remedy provided by this section when the court determines that such
29 action is clearly necessary, and all decrees heretofore entered retaining such jurisdiction are validated.
30 1. Separate property is (i) all property, real and personal, acquired by either party before the
31 marriage; (ii) all property acquired during the marriage by bequest, devise, descent, survivorship or gift
32 from a source other than the other party; (iii) all property acquired during the marriage in exchange for
33 or from the proceeds of sale of separate property, provided that such property acquired during the
34 marriage is maintained as separate property; and (iv) that part of any property classified as separate
35 pursuant to subdivision 3. Income received from separate property during the marriage is separate
36 property if not attributable to the personal effort of either party. The increase in value of separate
37 property during the marriage is separate property, unless marital property or the personal efforts of either
38 party have contributed to such increases and then only to the extent of the increases in value attributable
39 to such contributions. The personal efforts of either party must be significant and result in substantial
40 appreciation of the separate property if any increase in value attributable thereto is to be considered
41 marital property.
42 2. Marital property is (i) all property titled in the names of both parties, whether as joint tenants,
43 tenants by the entirety or otherwise, except as provided by subdivision 3, (ii) that part of any property
44 classified as marital pursuant to subdivision 3, or (iii) all other property acquired by each party during
45 the marriage which is not separate property as defined above. All property including that portion of
46 pensions, profit-sharing or deferred compensation or retirement plans of whatever nature, acquired by
47 either spouse during the marriage, and before the last separation of the parties, if at such time or
48 thereafter at least one of the parties intends that the separation be permanent, is presumed to be marital
49 property in the absence of satisfactory evidence that it is separate property. For purposes of this section
50 marital property is presumed to be jointly owned unless there is a deed, title or other clear indicia that it
51 is not jointly owned.
52 3. The court shall classify property as part marital property and part separate property as follows:
53 a. In the case of income received from separate property during the marriage, such income shall be
54 marital property only to the extent it is attributable to the personal efforts of either party. In the case of
55 the increase in value of separate property during the marriage, such increase in value shall be marital
56 property only to the