How Marital Assets Are Divided In Pennsylvania
In Pennsylvania, if divorcing spouses are unable to agree on how to split their marital assets and tackle debt division, the court will make decisions based on an “equitable distribution” model. Despite its moniker, the equitable distribution model does not automatically presume that all assets and debt should be divided in half.
Rather, the court considers a number of factors, including:
- The length of the marriage
- Each party’s income and his or her ability to rebuild assets and income in the future
- Whether either party contributed to the increased earning potential of the other
- The standard of living of the parties during the marriage
- The custodial responsibilities of both parties after the divorce
Marital property is all property acquired by either party during the marriage, no matter whose name is on the title and increases in the value of the non-marital property during the duration of the marriage. This can include stocks, pensions, retirement accounts, and trusts.
Nonmarital property includes premarital assets (property that either party brought into the marriage), inheritances received by either party during the marriage, gifts to a spouse other than from the other spouse, property sold or disposed of in good faith during the marriage and property excluded by a valid prenuptial agreement.
Northeastern Pennsylvania Marital Assets Division Lawyer
At Kalinoski Law Offices P.C. in Scranton, we adopt a solutions-oriented approach to property division. As with creating a child custody and visitation plan, reaching terms on property division without litigation allows the parties involved to retain more control over the final outcome.
Our Scranton property division attorney has an in-depth understanding of valuation methods in order to properly value complex holdings such as real estate and retirement accounts. If necessary, we work with appraisers, pension evaluators, forensic accountants and other financial specialists to obtain a full and accurate valuation of your marital property.
Our firm will protect your interests and act as your advocate on all asset division matters as part of a divorce action or any other family law situation. Call (570) 207-4000 or use our contact form to schedule a free initial consultation.