In Pennsylvania divorces, property division involves two key steps:
- Identifying Marital and Separate Property:
- Determine which assets are considered marital property and which are classified as separate property.
- Equitable Distribution of Marital Property:
- Marital property is divided fairly, but fairness does not necessarily mean an equal 50/50 split.
Marital Property
- Definition:
- Marital property includes all assets acquired during the marriage.
- Appreciation in Value:
- Any increase in the value of non-marital assets during the marriage (up until the date of separation or the equitable distribution hearing, whichever comes first) is included.
- Ownership:
- Property title or ownership name does not affect whether it is classified as marital property.
Separate Property
- Pre-Marriage Assets:
- Property acquired before the marriage remains separate property.
- Agreements:
- Property excluded through a valid agreement (such as a prenuptial or postnuptial agreement) remains separate.
- Gifts and Inheritance:
- Property received as a gift or inheritance is separate unless gifted to both spouses.
- Post-Separation Assets:
- Property acquired after the final separation and before the divorce is considered separate.
- Veterans’ Benefits:
- Veterans’ benefits are typically exempt unless a portion of military retirement pay was waived to receive compensation.
- Settlement Awards:
- Payments from settlements or awards related to claims accrued before the marriage or after separation are separate. What matters is when the claim arose, not when the payment was received.
Experienced Legal Assistance
Navigating property division during divorce requires skilled guidance. Divorce Lawyer R. Badet offers expertise in property division, spousal support, child support, and custody matters. With a track record of success in both simple and complex cases, Mr. Badet is dedicated to ensuring his clients achieve the best possible outcomes.
Contact Information:
- Website: www.lawyersfordivorces.net
- Phone: (267) 277-2641
Special Offers:
- Affordable consent divorces starting at $599, finalized in 60 days.
- Free consultations available.
For personalized legal support, call today!