Other Considerations for Property Division in Pennsylvania Divorces
When determining how to divide marital assets, several additional factors may come into play:
- Professional Licenses or Degrees
- A professional license or degree itself is not considered marital property.
- However, a court may award compensation to reimburse a spouse for direct financial contributions made toward the other spouse’s education or training that led to the license or degree.
- Pension Benefits
- Any portion of a spouse’s pension or retirement account (such as a 401(k) or profit-sharing plan) that accumulated during the marriage is deemed marital property and subject to division.
- The non-employee spouse’s contributions—or lack thereof—do not affect whether it is marital property.
- Personal Injury Proceeds
- Any damages from a personal injury settlement or judgment are typically considered marital property if the cause of action arose between the date of marriage and the date of final separation.
- Marital Debts
- Debts incurred during the marriage are generally classified as marital debts.
- In determining whether a debt is marital or separate, courts often consider:
- The purpose of the debt,
- Who incurred the debt,
- Who benefited from it, and
- Which spouse is in the best position to pay it.
- Goodwill
- The reputation and customer base of a professional practice or business are counted as marital property if they can be assigned a specific monetary value.
- Future Interest
- Possible future interests in property are not subject to distribution.
- Tax Consequences
- When marital property is divided or transferred under equitable distribution, no immediate tax event occurs.
- However, if the property is later sold, normal taxes may apply to any gain or loss at that time.
- Relationship to Alimony
- Whereas property division generally addresses the past contributions and shared assets of the spouses, alimony focuses on the financial support needs of one spouse going forward.
About Divorce Lawyer R. Badet
Divorce Lawyer R. Badet offers experienced legal guidance in all areas of divorce, from straightforward to more complex proceedings, including spousal support, child support, and child custody. With a deep knowledge of divorce law, he strives to secure the best possible outcomes for each client. Visit www.lawyersfordivorces.net or call for a free consultation to learn more about your rights and options. He is a highly respected attorney with extensive litigation experience, representing clients in both Family Law and Criminal Law matters.
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