In Philadelphia divorces, once the court identifies and assigns a value to the marital property, it will divide the property in a manner deemed equitable. It’s important to note that “equitable” does not necessarily imply an equal 50/50 split. Once the divorce is finalized, the court’s division is final and cannot be altered.
To achieve an equitable division, the court applies various principles, including:
Transmutation: This principle involves the transformation of marital property into separate property or vice versa, based on the intent of the parties. For example, if one spouse inherits property and both parties treat it as marital property, the court may apply transmutation to reclassify it accordingly.
Co-mingling: Co-mingling occurs when separate property is combined with marital property in such a way that it becomes difficult to distinguish between the two. In these cases, the court will try to trace the property to determine its original nature.
Factors for Equitable Division:
When making the property division, the court will consider several factors, such as:
- The length of the marriage
- Prior marriages of either spouse
- The age, health, vocational skills, earning capacity, liabilities, and financial needs of both spouses
- Contributions to education
- The need for future capital asset acquisitions and income
- The income, medical needs, and retirement plans of both parties
- Contributions made toward increasing the value of marital property
- The value of separate property
- The depreciation in marital property value caused by one spouse
- The couple’s standard of living during the marriage
- Custody arrangements for minor children
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