In Pennsylvania, the division of property during a divorce is based on two primary steps:
1. Determination of Marital vs. Separate Property
- Marital Property: This includes all property acquired by either spouse during the marriage, as well as any increase in the value of separate property. The title holder of the property does not determine its classification as marital or separate; what matters is when it was acquired.
- Examples: Homes purchased during the marriage, income earned during the marriage, joint bank accounts, etc.
- Separate Property: This refers to property acquired before the marriage or after the final separation. Separate property also includes gifts or inheritances that are exclusively given to one spouse.
- Exceptions: If a gift or inheritance is given to both spouses, it becomes marital property.
- Examples: Property owned before the marriage, inheritance from a family member, or gifts from a third party designated for one spouse.
2. Equitable Distribution of Marital Property
- Equitable Distribution: This process involves dividing marital property in a way that is fair, but not necessarily equal. The court will consider various factors in determining what an equitable distribution looks like, including the length of the marriage, the contributions of each party to the marriage, and the financial situation of each spouse.
- Example: One spouse may be awarded a greater share of the marital property if they were the primary caregiver, had sacrificed their career, or contributed to the family in other significant ways.
Key Points to Consider:
- Increase in Value: If a spouse owned property before the marriage (like a house or a business), the increase in value during the marriage may be considered marital property, up until the date of separation or the equitable distribution hearing.
- Veterans’ Benefits: Veterans’ benefits are exempt from attachment, unless a portion of the military retirement pay has been waived in order to receive compensation, in which case it may be subject to division.
- Critical Dates: The critical date for determining when property becomes marital or separate is typically the date of final separation or the date when a cause of action “accrued” for settlement payments. This may differ from when payments are actually received.
Contact Divorce Lawyer R. Badet for Legal Assistance
If you’re going through a divorce in Philadelphia and need assistance with property division, contact Divorce Lawyer R. Badet for a free consultation. With his extensive experience in divorce and family law, he can help you understand your rights and options regarding the division of property, child custody, and support.
Visit www.lawyersfordivorces.net or call to speak with an experienced attorney.
Related Search Terms:
- Divorce lawyers nearby
- Family law attorney
- Low income divorce lawyers near me
- International divorce lawyer near me
- Reasonable divorce lawyers
- Best rated divorce lawyers near me
- Finding a good divorce lawyer
- Divorce attorney near me
- Divorce lawyers for men near me
- Best child custody lawyer