In addition to the primary considerations, there are several other factors that may impact property division in a Pennsylvania divorce: (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 the license or degree itself is not considered marital property, the court may grant compensation for financial contributions made by one spouse to help the other earn a professional degree. However, this compensation is limited to documented financial contributions, not a share of the degree’s value.
Pension Benefits: Any pension accumulated during the marriage, including 401(k)s and profit-sharing plans, is considered marital property and subject to division. This applies regardless of whether the non-employee spouse contributed directly to the pension.
Personal Injury Settlements: Personal injury proceeds are deemed marital property if the injury occurred between the date of the marriage and the final separation of the spouses.
Marital Debts: Debts incurred during the marriage are classified as marital debt. The court will assess the purpose, who incurred the debt, who benefited from it, and who is in the best position to repay it when determining responsibility for the debt.
Goodwill: The reputation and clientele of a professional practice or business are considered marital property, provided they can be assigned a specific dollar value.
Future Interests: Potential future interests in property are not subject to division during the divorce.
Tax Consequences: Although property transfers and equitable distribution payments are not taxed when made, the property becomes taxable once it is sold.
Divorce Lawyer R. Badet is an experienced and dedicated attorney who helps clients through every stage of the divorce process, including complex and simple divorces, spousal support, child custody, and child support matters. He has the expertise to achieve the best possible outcomes for his clients. Visit his website at www.lawyersfordivorces.net for more information and to schedule a free consultation. With many years of experience, he is a respected litigation attorney in both Family Law and Criminal Law matters.