Divorce is never just about ending a marriage; it’s about dividing the life you built together. For many Virginians, the biggest question is financial: How can I keep what’s mine?
In fact, according to the CDC’s National Vital Statistics System, Virginia’s divorce rate is about 2.7 divorces per 1,000 residents, a reminder that thousands of families across the state face these same financial concerns each year.
You may be worried about losing your home, draining your retirement account, or watching an inheritance get pulled into the process. These fears are valid. Virginia law requires couples to divide marital assets fairly, but what counts as “marital” often surprises people.
At Slovensky Law, we’ve seen how these questions weigh on families in Roanoke and across Southwest Virginia. The good news is that there are proven strategies that help protect your assets, your property, and your peace of mind. In this guide, we’ll walk through how to protect assets from divorce — 10 practical steps Virginia families can use to keep their assets safe.
1. The Difference Between Marital and Separate Property
The first step in protecting assets is understanding what you own in the eyes of the court. In Virginia, property isn’t just labeled “yours” or “mine.” Under Va. Code § 20-107.3, courts follow equitable distribution, which the Virginia Judicial System explains as dividing marital property fairly, though not always equally.
- Marital property includes assets acquired during the marriage: homes, retirement accounts, joint savings, or vehicles purchased together.
- Separate property includes assets owned before marriage, inheritances, or personal gifts that were never mixed into the marriage.
Here’s where surprises happen. A car you bought before marriage is generally separate, but if marital funds were later used to pay off the loan or improve it, part of that value may become marital. Similarly, a home purchased by one spouse before marriage can shift categories if the other spouse helps with mortgage payments or renovations.
The lesson is simple: knowing the difference between marital and separate property is the foundation of protecting your assets. Without that clarity, it’s easy to lose assets you thought were untouchable.
2. Use Prenuptial or Postnuptial Agreements
One of the strongest tools for protecting assets is a marital agreement, through either a prenuptial agreement signed before the wedding, or a postnuptial agreement signed after. Both allow couples to set the rules in advance about how property will be divided if divorce happens.
Consider a second marriage in Roanoke. Both spouses bring children from prior relationships and want to make sure inheritances go to their kids, not a new spouse. A prenup can make that intent legally binding. Or imagine a Salem entrepreneur who starts a small business during marriage. A postnup can ensure ownership of that business stays clear, even if the relationship changes later.
These agreements are fully enforceable in Virginia if they’re fair, voluntary, and based on full financial disclosure. But here’s something many people don’t realize: prenups and postnups cannot decide issues like custody or child support, because Virginia law requires those decisions to be based on the child’s best interests at the time of divorce.
Virginia courts have set aside agreements when one spouse failed to disclose assets or when the terms were grossly unfair. That’s why these agreements must be carefully drafted with legal guidance.
3. Keep Premarital Assets Truly Separate
A common question we hear is: “Are premarital assets protected in divorce?” The answer is yes, but only if you keep them truly separate. Clients often ask us, “How do I protect my assets in a divorce?” Keeping premarital property separate is one of the most effective steps.
Virginia law protects assets you owned before marriage, but once you mix them with marital property, the line starts to blur.
Checklist for protecting premarital assets:
- Keep sole bank accounts in your name only.
- Avoid depositing marital income into premarital accounts.
- Keep deeds, titles, and records of ownership updated.
A little diligence today can prevent major financial loss tomorrow.
4. Consider Trusts for Long-Term Protection
Many Virginians assume trusts are only for the wealthy. In reality, trusts are one of the most powerful legal tools for keeping property safe in a divorce. An irrevocable trust changes ownership of the property, meaning it’s no longer legally held by either spouse, but by the trust itself.
For example, a Roanoke family that owned farmland for generations placed it into a trust. Years later, when one spouse filed for divorce, the farm was not subject to division because it legally belonged to the trust, not to either individual. That decision saved the family’s legacy and avoided costly litigation.
Trusts must be drafted carefully. A poorly written trust may be challenged in court. Always get legal guidance before creating one.
5. Safeguard a Business with Agreements
For business owners, divorce can feel like more than the end of a marriage; it can threaten the company you built from the ground up. Without protections, businesses may be subject to valuation, division, or even forced sale.
Virginia entrepreneurs often use operating agreements, shareholder agreements, or buy-sell clauses to shield ownership. These documents can outline exactly how ownership is handled if one spouse seeks a share of the business during divorce.
Consider this: A Salem contractor who grew her small construction business before getting married later went through a divorce. Because a buy-sell agreement was in place, the business stayed with her instead of being divided or sold.
6. Protect Gifts and Inheritances
Virginia law defines inheritances and gifts as separate property under Va. Code § 20-107.3(A)(1). That means if you inherit money or receive a gift during marriage, it legally belongs to you alone, as long as it stays separate.
But there’s a catch. The same statute allows courts to reclassify that property if it becomes commingled with marital assets. For example, let’s say a Lynchburg resident inherited $75,000 from her parents and deposited it into a joint checking account. By mixing it with marital funds, the court treated it as shared property and divided it during divorce.
Action Steps:
- Keep inheritances in a separate account in your name only.
- Document deposits and ownership with statements or deeds.
Even a small step like keeping an inheritance separate can prevent a major financial loss later.
7. Pay Attention to Property Titling and Accounts
Property titling is more than paperwork; it can decide ownership in divorce. In Virginia, assets titled jointly are often treated as marital property, even if one spouse contributed far more financially.
For example, a Roanoke husband used his savings to buy a home but later added his wife’s name to the deed ‘for simplicity.’ When they divorced, the court treated the home as marital property because of the joint title. In Virginia, your intent doesn’t matter, but the paperwork does.
Bank accounts work the same way. Careful titling and documentation keep your property status clear.
8. Manage Retirement Accounts with Care
Retirement savings are often a couple’s largest asset. Many people are surprised to learn that contributions made during the marriage are marital property — even if the account was opened years earlier.
Division is usually handled with a Qualified Domestic Relations Order (QDRO), which allows each spouse access to their share without penalties. But if you contributed to a 401(k) or IRA before marriage, that portion may remain separate if you can prove it.
Example: A Roanoke teacher had $50,000 in her pension before marriage. By keeping accurate records, she protected that premarital portion during divorce, even though contributions made afterward were divided.
9. Don’t Try to Hide or Transfer Assets
When divorce feels overwhelming, some people panic and try to move or hide assets. This almost always backfires. Virginia law requires full financial disclosure, and judges take concealment seriously.
Consider this: a Virginia spouse tries to move money into a sibling’s account during divorce. The court could order the funds returned and even add penalties.
Courts respect clear records and fair planning. Attempting to hide property can cost you credibility, money, and even assets you could have kept.
10. Use Mediation or Settlement to Protect More
Litigation is expensive; sometimes the fight itself drains the assets you’re trying to protect. Mediation offers an alternative. By working with a neutral mediator, couples can negotiate how property is divided, often for a fraction of the cost of a trial.
Mediation can reduce divorce costs significantly. For a Roanoke couple disputing retirement accounts and a vacation property, mediation resolved disagreements for about $7,500. A trial would have likely cost triple that amount.
Mediation also gives you more control. Instead of letting a judge decide, you and your spouse can set terms that preserve more of what matters. For many Virginia families, this approach protects both finances and peace of mind and often becomes the clearest answer to how to protect your assets in a divorce without going through an expensive trial.
Take Control of Your Financial Future with Slovensky Law
At Slovensky Law, we know divorce isn’t only about emotions, it’s about protecting what you’ve worked for. Families across Southwest Virginia turn to us when they want clear answers on keeping assets safe, whether that means drafting a postnuptial agreement or negotiating a fair settlement.
Our family law attorneys have witnessed firsthand how the right strategy can make the difference between financial strain and financial stability.
If you’re still thinking about, “How do I protect my assets in a divorce?” don’t wait until it’s too late. Contact Slovensky Law today to schedule a consultation with an experienced Virginia divorce attorney.
