Factors That May Affect the Division of Property
Posted on March 25th, 2021 in Divorce
In 2018, Pennsylvania had a divorce rate of 2.6 per 1,000 inhabitants. These statistics reveal just how many people in the state are separating, some of whom may struggle with the division of their assets. What many of these divorcing couples may not realize is that there are factors that may impact the division of marital property.
When you’ve been in a long-term marriage that has accumulated property, assets, and precious family heirlooms, you may wonder what your rights are in the distribution of it all. Kalinoski Law Offices is here to help you.
Division of Marital Property in Pennsylvania Divorce
When people file for divorce throughout Pennsylvania, there are numerous legal matters they may have to deal with, such as alimony and child support. However, property division can be especially challenging. For example, those who have business assets, marital property which holds sentimental value, retirement accounts, and other types of property, may have questions and concerns regarding the division of marital property. As a result, people who are preparing to file for divorce should meticulously analyze their situation.
According to the Pennsylvania General Assembly, some of the different factors that courts may take into consideration when determining the division of property include the duration of a marriage, previous marriages, the health and age of each party, as well as their income and employability. Additionally, any contributions from one party towards the other party’s education or earning ability and whether a parent will serve as the custodian of a minor, are also taken into consideration. Other factors include:
- Property values
- Tax consequences
- Marital standard of living
- The opportunity of each party for future income
- Federal, State, and local tax ramifications
- The expense of sale, transfer, or liquidation associated with a particular asset, that maybe not be immediate and certain
- Child custody determinations
Remember, while these factors are part of the determination of the distribution of marital assets, it is not the only element that the courts will review. This is why it’s important to speak with a NEPA divorce and family law attorney who can guide you through the process with precision and attention to detail.
Northeastern Pennsylvania Marital Assets Division Lawyer
For those who are interested in finding out more about Pennsylvania laws concerning the distribution of property obtained during the marriage or are considering a divorce, contact Kalinoski Law Offices today.