In a divorce in Pennsylvania, dividing property involves two main stages:
- Classification of Property:
Determining which assets are marital property and which are considered separate property. - Equitable Distribution:
Dividing marital property in a way that is fair, though not necessarily equal.
Marital Property
- Includes all assets acquired during the marriage.
- Covers any increase in the value of separate assets during the marriage, up to the separation date or the equitable distribution hearing, whichever results in a lower value.
- Ownership title does not determine whether an asset is marital property.
Separate Property
- Pre-Marriage Assets: Any property acquired before the marriage remains separate.
- Excluded Assets: Property specifically designated as separate by a valid agreement (e.g., prenuptial or postnuptial agreements).
- Gifts and Inheritances: Assets received as gifts or inheritances are separate unless given to both spouses, in which case they become marital property.
- Post-Separation Acquisitions: Property acquired after the final separation until the divorce is finalized is treated as separate property.
- Veterans’ Benefits: These are generally protected, except where a veteran waives a portion of military retirement pay to receive additional compensation.
- Legal Awards and Settlements: Payments tied to causes of action before the marriage or after final separation are considered separate property, determined by when the legal claim arose rather than when the payment was received.
Expert Legal Support
Dividing assets during a divorce can be a complex process. Attorney R. Badet specializes in helping clients navigate all aspects of divorce, from property division to spousal and child support.
- Contact Information:
- Phone: (267) 277-2641
- Website: www.lawyersfordivorces.net
Attorney R. Badet provides affordable and effective legal solutions, including consent divorces starting at $599. Call today for a free consultation.