When dividing marital property in a Philadelphia divorce, the court follows a two-step process:
- Identifying and valuing what constitutes marital property.
- Making an equitable distribution of the marital assets (note: equitable does not always mean an equal 50/50 split).
Once the court finalizes the division, it cannot be modified.
The principles of transmutation and co-mingling often come into play during property division:
- Transmutation: This occurs when marital property is reclassified as separate property, or vice versa. The court evaluates the parties’ intent to make this determination. For example, if one spouse inherits property and both spouses use it in a way that suggests shared ownership, the court may classify it as marital property.
- Co-mingling: Separate property can become marital property if it is mixed with marital assets in a way that makes it indistinguishable. Courts will attempt to trace the origins of the property to determine its original classification.
Factors Considered in Equitable Distribution
The court evaluates various factors to ensure fairness when dividing marital property, including:
- Length of the Marriage: How long the couple was married.
- Previous Marriages: Any history of prior marriages.
- Personal Circumstances: Age, health, skills, earning potential, liabilities, and financial needs of each spouse.
- Educational Contributions: Support provided by one spouse to advance the other’s education or career.
- Future Needs: Requirements for acquiring assets or income post-divorce.
- Income and Medical Needs: Current income levels, medical expenses, and retirement plans.
- Contributions to Marital Property: Efforts made by each spouse to enhance the value of marital property.
- Separate Property Value: The worth of assets owned individually by each spouse.
- Reduction of Marital Property: Instances where one spouse diminished the value of shared assets.
- Standard of Living: The lifestyle enjoyed during the marriage.
- Child Custody: Whether one spouse has primary custody of minor children.
Legal Support for Your Divorce Needs
Navigating property division during divorce can be complex. Divorce Lawyer R. Badet specializes in simplifying this process while protecting your rights. With extensive experience in family law, including property division, spousal support, and child custody, R. Badet is committed to achieving the best outcome for clients.
For a consultation, contact (267) 277-2641 or visit www.lawyersfordivorces.net.