In Pennsylvania, dividing property during a divorce involves two key steps:
- Determining Property Classification: Identify what qualifies as marital property versus separate property.
- Equitable Distribution: Allocate the marital property in a fair manner. “Equitable” does not necessarily mean a 50/50 split.
Marital Property:
- Includes all property acquired during the marriage.
- Covers any increase in value of non-marital property up to the date of separation or the equitable distribution hearing, whichever results in a lesser increase.
- Ownership title is irrelevant in determining marital property.
Separate Property:
- Assets acquired before the marriage.
- Property excluded through a valid agreement made before, during, or after the marriage.
- Gifts or inheritances received by one party, unless the gift was intended for both spouses, in which case it is marital property.
- Assets acquired after final separation up until the divorce is separate property.
- Veterans’ benefits are typically exempt unless tied to waived military retirement pay.
- Awards or settlements for claims that accrued before marriage or after separation are separate property. The key is the date the claim accrued, not when the payment was received.
For personalized assistance with property division in a divorce or other family law matters, consult Divorce Lawyer R. Badet. With extensive experience in handling complex divorce cases, alimony, and child custody, Attorney Badet is committed to ensuring the best outcomes for his clients.
Visit www.lawyersfordivorces.net or call (267) 277-2641 for a free consultation today.