Pennsylvania divorce law provides for the equitable division of marital property. Equitable division is based upon what is fair rather than on a straight equal division of property.
Generally, marital property is defined as the assets acquired during the marriage, although there are some exceptions, and marital assets may include:
- Real property
- Retirement accounts
- Business concerns
- Stocks and bonds
- Certificate of deposits
- Bank accounts
- Insurance policies
- Other valuables such as vehicles, jewelry, etc.
Gifts and inheritances are typically excluded from the marital assets.
An experienced Pennsylvania family law attorney can help you ascertain what assets should be included and excluded from the marital estate. And when necessary, we can bring in experts such as forensic accountants and business valuators to help determine the value of assets.
The court considers several factors when determining the division of marital assets including:
- Duration of the marriage
- Spouses’ age, health, skills and employability
- Contributions to the marriage (including from homemakers)
- Spouses’ income sources
- Tax liabilities for each spouse
- Which spouse is the main caregiver of minor children
- The earning capacity of each spouse
- Alimony awards
In the case in which the parties cannot agree on marital property, the court will decide. Generally, the court cannot transfer a property title from one spouse to the other. However, it can award money to one party to compensate for the other party keeping property. When property was purchased with both marital and non – marital funds, the court determines what percentage of the property should be included in the marital estate and factors this into the monetary award.
Talk to a Pennsylvania property division attorney today
Determining the disposition of marital assets can be complex, and an experienced attorney can help you in sorting out your marital assets. Contact us online or call (215) 886-1266 to discuss your asset division matter today.