In Pennsylvania, dividing property during a divorce involves two main steps:
- Identifying Marital and Separate Property:
- Determine which assets are classified as marital property and which are separate property.
- Equitable Division of Marital Property:
- Distribute the marital assets equitably.
- Note: Equitable distribution does not mean a 50/50 split; it is based on fairness.
Marital Property
- Definition:
- Includes all property acquired during the marriage.
- Increase in Value:
- Any increase in the value of non-marital property during the marriage is considered marital property (up to the date of separation or equitable distribution hearing, whichever results in the lesser increase).
- Ownership:
- Property ownership (whose name is on the title) is irrelevant in determining marital property.
Separate Property
- Pre-Marital Assets:
- Property acquired before the marriage is classified as separate property.
- Agreements:
- Assets excluded by a valid agreement made before, during, or after the marriage are considered separate property.
- Gifts or Inheritance:
- Property acquired by gift or inheritance is separate unless it was a gift to both spouses, in which case it becomes marital property.
- Post-Separation Property:
- Assets acquired after the final separation and before the divorce are separate property.
- Veterans’ Benefits:
- Benefits are exempt from attachment unless the veteran waives military retirement pay for compensation.
- Settlements and Awards:
- Any settlement or award that accrued before the marriage or after the date of separation is separate property, regardless of when the payment is received.
Expert Legal Representation
Divorce Lawyer R. Badet offers specialized knowledge and years of experience handling property division cases. Whether the divorce involves simple or complex issues, he provides comprehensive representation to achieve the best possible outcomes.
Services Include:
- Equitable property division
- Guidance on marital and separate property distinctions
- Representation in negotiations and litigation
Contact Information:
📞 (267) 277-2641
🌐 www.lawyersfordivorces.net
Call today for a free consultation and expert advice tailored to your situation.