In Pennsylvania, dividing property during a divorce involves two key steps:
- Classification: Determining whether assets are marital or separate property.
- Equitable Distribution: Dividing marital property fairly, which does not always mean splitting it equally.
Marital Property
- Definition: Includes assets acquired during the marriage.
- Appreciation in Value: Any increase in the value of separate property during the marriage is also considered marital property, up to the date of separation or the equitable distribution hearing—whichever shows the lesser increase.
- Ownership Irrelevant: The name on the title does not affect whether an asset is deemed marital property.
Separate Property
- Pre-Marriage Assets: Assets acquired before the marriage remain separate property.
- Excluded by Agreement: Assets specified as separate in a valid agreement before, during, or after the marriage.
- Gifts and Inheritances: Remain separate unless given jointly to both spouses.
- Post-Separation Acquisitions: Assets acquired after the final separation date are considered separate.
- Veterans’ Benefits: These are exempt unless a portion of retirement pay was waived to receive compensation.
- Settlements or Awards: Payments related to causes of action that accrued before marriage or after separation are separate property, regardless of when they were received.
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