In Philadelphia divorces, property division follows the principle of equitable distribution, which means a fair division of marital property based on various factors—not necessarily a 50/50 split. Once finalized, the court’s division of property cannot be modified.
Principles Applied in Equitable Division
- Transmutation:
This occurs when separate property becomes marital property (or vice versa) based on the actions or intent of the parties.- Example: If one spouse inherits property but shares and uses it in a way that indicates it’s marital property, the court may reclassify it as such.
- Co-Mingling:
Separate property may lose its individual character and become marital property if it is combined with marital assets to the point where it cannot be separated.- Example: If separate funds are deposited into a joint account and used for marital expenses, they may be considered co-mingled.
Factors Considered in Equitable Division
The court evaluates several factors when dividing marital property, including:
- Length of the marriage.
- Any prior marriages.
- Age, health, vocational skills, earning capacity, liabilities, and financial needs of both parties.
- Contributions made to one spouse’s education or earning potential.
- Future financial needs for acquiring assets or income.
- Income, medical needs, and retirement plans of each spouse.
- Contributions to the increase in marital property’s value.
- Value of each spouse’s separate property.
- Reduction in marital property value caused by one spouse.
- The standard of living during the marriage.
- Custody arrangements for minor children.
About Divorce Lawyer R. Badet
R. Badet is a highly experienced divorce attorney specializing in equitable property division, spousal support, child custody, and child support. He is dedicated to helping clients achieve favorable outcomes in both simple and complex divorces.
Visit www.lawyersfordivorces.net or call 267-277-2641 for a free consultation. With extensive expertise in family law and litigation, R. Badet serves clients throughout Philadelphia and surrounding counties.
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