Equitable Division of Property in Philadelphia Divorces
Once the court identifies and values the marital property, the court will make an equitable division; (you should note that equitable does not necessarily mean 50/50). The court’s division of the property is not subject to modification once the divorce is final.
The court is going to use several principles when trying to do an equitable division, such as: (1) transmutation, and (2) co-mingling.
● Transmutation: Transmutation means that marital property becomes separate property, or vice versa. This is determined by the court based on the intent of the parties, (e.g., suppose that one of the parties inherited a piece of property, and then the parties shared that property in a way to suggest that it is marital property. In such a case, the court will apply the principle of transmutation to determine the status of the property).
● Co-mingling: co-mingling means that separate property becomes marital property if it is “inextricably mingled” with marital property. The Courts will attempt to trace the property to allow it to maintain its original character.
Factors for Equitable Division:
When making equitable divisions of marital property, the court will consider several factors, including these:
● (1) The length of the marriage;
● (2) Prior marriages;
● (3) The age, health, vocational skills, earning capacity, liabilities and financial needs of both parties;
● (4) Contributions to education;
● (5) The need for future acquisitions of capital assets and income;
● (6) The income, medical needs, and retirement plans of both spouses;
● (7) Contributions to increase in marital property;
● (8) The value of separate property;
● (9) The reduction in value of marital property by one spouse;
● (10) The parties’ standard of living, and
● (11) Custody of minor children.
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