Divorce can be challenging, especially when dividing assets. Pennsylvania’s equitable distribution law helps ensure a fair split of marital property during divorce. Let us explore the critical aspects of equitable distribution in Pennsylvania and how it might affect your property.
What constitutes marital property?
Pennsylvania is an “equitable distribution” state. The court divides marital property fairly between you and your spouse during a divorce, but it does not mean a 50/50 split. Understanding “marital property” is crucial. Here are some examples:
- Real estate bought during the marriage
- Bank accounts, retirement funds and investments
- Vehicles
- Debts from both spouses
Gifts and inheritances a spouse receives, even during the marriage, may be separate property. This also applies to anything owned before the marriage. The court may consider these items separate, not subject to division. The state law defines marital property and outlines these exceptions. Note that the increased value of separate property during the marriage may count as marital property and face division.
How are assets valued and divided?
In Pennsylvania, courts consider several factors when dividing marital property during a divorce. These factors include how long you have been married, your and your spouse’s income and financial situation, your contributions to the marital property (including work done at home), your lifestyle during the marriage and who will care for the children. Your goal is to divide the assets fairly, which only sometimes means splitting them equally. The division depends on the specific details of each case.
What steps can you take to protect your interests?
Understanding property division in a Pennsylvania divorce can be tricky. Every divorce is different and has its own issues. To protect your rights and ensure fair property division, you should get help from a lawyer who can explain your choices, help you collect the right documents and stand up for you during property division.
