When dividing property in Pennsylvania divorces, several factors are considered, including: (1) Professional Licenses or Degrees, (2) pension benefits, (3) personal injury settlements, (4) marital debts, (5) goodwill, (6) future interests, (7) tax implications, and (8) alimony or spousal support.
Professional Licenses or Degrees: While a professional license or degree is not considered marital property, the court may award compensation for the financial contributions made by one spouse to help the other spouse attain their professional degree. This reimbursement is limited to actual expenses demonstrated by the contributing spouse, not the value of the degree itself.
Pension Benefits: Pensions earned during the marriage, such as profit-sharing plans, 401(k)s, and other retirement accounts, are considered marital property and subject to division, regardless of whether the non-employee spouse contributed directly to the accumulation of the pension.
Personal Injury Settlements: Any personal injury settlements received during the marriage are considered marital property if the cause of the injury occurred during the marriage and before separation.
Marital Debts: Debts incurred during the marriage are classified as marital debts. When determining whether debt is marital or separate, the court will consider: (1) the purpose of the debt, (2) who incurred it, (3) who benefited from it, and (4) who is best suited to repay it.
Goodwill: The goodwill of a business or professional practice—referring to its 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 in a divorce.
Tax Consequences: While equitable distribution payments or property transfers are not taxed at the time of transfer, they may be subject to taxation when the property is sold.
Divorce Lawyer R. Badet is a seasoned divorce attorney with a strong commitment to assisting clients throughout the divorce process. Whether dealing with simple or complex divorces, spousal support, child support, or child custody, he has the expertise needed to help you achieve the best possible outcome. For more information about your legal rights and options, visit www.lawyersfordivorces.net or call for a free consultation. With years of experience, Divorce Lawyer R. Badet is a respected litigation attorney specializing in both Family Law and Criminal Law matters.