In addition to the standard division of marital assets, there are several other factors that the court may take into consideration when determining how to divide property in a Pennsylvania divorce. These include:
- Professional Licenses or Degrees:
- Professional licenses or degrees earned during the marriage are not considered marital property, but the court may award reimbursement for financial contributions that one spouse made toward helping the other spouse earn the degree. This can include tuition or other educational expenses paid by one spouse.
- Pension Benefits:
- Pension benefits and retirement savings accumulated during the marriage, such as 401(k) or profit-sharing plans, are considered marital property and are subject to division, regardless of whether the non-employee spouse contributed to the accumulation of the pension.
- Personal Injury Proceeds:
- Personal injury proceeds are generally considered marital property if the cause of action occurred during the marriage and the funds were received before the divorce. If the injury occurred after the separation, the funds may not be considered marital property.
- Marital Debts:
- Debts that were incurred during the marriage are generally classified as marital debts, regardless of which spouse incurred the debt. When determining how to allocate marital debts, the court will consider the purpose of the debt, who incurred it, who benefited from it, and who is best able to repay it.
- Goodwill:
- Goodwill, the reputation and clientele of a professional practice or business, is considered marital property. However, the court must be able to assign a dollar value to the goodwill in order to divide it as part of the property distribution.
- Future Interests:
- Potential future interests in property, such as an inheritance or an interest in property that may come to fruition in the future, are generally not subject to division in the current divorce proceeding. Property division is based on assets that exist at the time of the divorce.
- Tax Consequences:
- The division of property in a divorce generally does not result in immediate tax consequences, meaning that the transfer of property between spouses is not taxable at the time it is divided. However, future sales or transfers of the property can result in taxable events, particularly when the asset is sold.
- Alimony or Spousal Support:
- Unlike property division, which addresses the division of assets accumulated during the marriage, alimony focuses on supporting one spouse post-divorce. Alimony is typically aimed at addressing financial disparities between the spouses after the divorce.
These considerations can make the property division process more complex and highlight the importance of having experienced legal representation to navigate the legal issues involved. Divorce Lawyer R. Badet is a skilled attorney who can help guide you through this process, ensuring that you understand your rights and options. Whether your case involves complex property division, child custody, or spousal support, R. Badet’s expertise can help you secure the best possible outcome.
For more information or a free consultation, visit www.lawyersfordivorces.net or call today!