What Assets Are Considered For Division of Property Under PA Divorce Law?
Division of Property is a major concern for anyone considering Divorce in Pennsylvania.
Pennsylvania Divorce Law defines Marital Property as…
- any other property with a transferable value acquired during the marriage; and
- the increase in value of assets during the time spouses were married of assets acquired before the marriage.
Examples of Marital Property include:
- and furniture.
It doesn’t matter how much money a spouse contributed toward the purchase of assets during the marriage. A spouse does not have to have contributed any money at all. Pennsylvania considers both partners in a marriage to be contributing partners, As long as the asset was acquired in the time period between the date you got married and the date you separated it is considered marital property.
Marital Property excludes:
- property acquired before the marriage or after separation; and
- assets included in prenuptial agreements.
The examples of marital property listed above is far from complete. Less common assets include thongs like patents, trademarks and collections. You need an experienced Division of Property Lawyer to make sure important assets aren’t overlooked.
Two Ways Courts Decide Division of Marital Property in Pennsylvania
There are two ways that courts divide property during a divorce:
- Mutual Agreement: Couples can sit down and discuss the division of their marital property. They can work with a mediator or come up with an agreement themselves. When both parties agree, they can submit a description of their agreement to the courts, and courts will generally agree.
- Decided by the Court: When spouses can’t negotiate the division of property, the court system can decide what would be fairest. Generally you want to avoid this situation. That’s because the courts may not have the same definition of fairness as you do.
Factors That Could Affect Division of Marital Assets
The goal of PA Divorce Law regarding Distribution of Assets is Equitable Distribution. It’s a myth that the Court’s goal is the 50/50 distribution of assets. Instead, they take many subjective factors into consideration to determine what is fair. For example, the court will consider:
- post-nuptial and prenuptial agreements;
- the financial needs of any minor children;
- special circumstances;
- previous marriages; and
- the financial situation of both parties.
You Need a Proven Division of Property Lawyer with experience in Berks County, Pennsylvania
You need our experienced Division of Property Lawyers to make sure assets aren’t overlooked and that you’re treated fairly. You won’t find more proven, experienced Division of Property Lawyers in Reading, PA or Berks County to represent you. Here’s why…
- We have 40 years’ experience practicing Family Law, Divorce Law and handling Division of Property cases in Berks County.
- It’s important that our experience is in Pennsylvania. That’s because Distribution of Property varies between states.
- It’s important that our experience is in Berks County. That’s because the Distribution of Property varies between counties.
- It’s important that we have experience working with Berks County judges. That’s because decisions about the Distribution of Property can vary between judges in the same county.
- We are a people and family-oriented law firm genuinely compassionate with your situation. We have a reputation in Berks County for representing clients the same as we would members of our family.
- We listen taking as much time as it requires to understand your unique situation regarding Marital Property.
- We’ll ask the right questions only experienced Division of Property Lawyers know to ask. We want make absolutely sure nothing is missed.
The best Division of Property Lawyers in Reading and Berks County are a phone call away. Contact us today.