Property division in Pennsylvania divorces involves addressing various factors to ensure fairness. These include:
- Professional Licenses or Degrees:
- While the license or degree itself isn’t considered marital property, courts may grant reimbursement to the spouse who financially contributed to its attainment. Compensation is limited to proven financial contributions, not the value of the degree or license.
- Pension Benefits:
- Pension benefits accrued during the marriage, including profit-sharing plans and 401(k)s, are marital property subject to equitable division, regardless of whether the non-employee spouse directly contributed.
- Personal Injury Proceeds:
- Proceeds from personal injury claims are considered marital property if the cause of action occurred between the date of marriage and final separation.
- Marital Debts:
- Debts incurred during the marriage are typically classified as marital debts. The court considers:
- Purpose of the debt.
- Who incurred it.
- Who benefited from it.
- Who is better positioned to repay it.
- Goodwill:
- The value of a business’s reputation and clientele is considered marital property if it can be assigned a monetary value.
- Future Interests:
- Potential future interests in property are not subject to distribution.
- Tax Consequences:
- Transfers of property as part of equitable distribution are not taxed at the time of transfer. However, taxes may apply upon the sale of the property.
- Alimony vs. Property Division:
- While property division reflects past contributions, alimony addresses future financial needs.
Expert Legal Support
Divorce cases involving complex property division require experienced legal guidance. Divorce Lawyer R. Badet is skilled in handling cases involving pensions, personal injury proceeds, and other financial matters. With extensive experience in family law, including spousal and child support, he is equipped to achieve favorable outcomes for his clients.
Contact Divorce Lawyer R. Badet:
- Phone: (267) 277-2641
- Website: www.lawyersfordivorces.net
- Services Offered:
- Affordable uncontested divorces starting at $599.
- Free consultations.
- Expertise in family law and property division.
Make informed decisions about property division by consulting an experienced divorce attorney who understands Pennsylvania’s laws and your unique circumstances.