Protecting Yourself When Dividing Marital Debts and Assets
In the aftermath of a divorce, one of the most challenging tasks can be the equitable distribution of the debts and assets of the marriage. Some assets may be easily divided, such as bank accounts. Other property items may more appropriately belong to one party or the other—personal items such as jewelry, books and clothes. Often, parties will hide assets or intentionally waste or dissipate assets for a variety of reasons.
Pennsylvania is an equitable property distribution state for purposes of dividing a marital estate. You can come to an agreement with respect to how property will be divided, although the court may review and reject that agreement if there is evidence of domestic abuse, or of intimidation, duress or undue influence. If you can’t come to an agreement, the court will order the distribution of property, based on a number of factors, including, but not limited to:
- The length of your marriage
- The age, health, station in life and potential sources of income of both parties
- Whether either party was previously married
- Any wrongful conduct by either party, including efforts to dissipate or hide marital assets
- The determination of an accurate fair market value for all property
- Your ability to obtain an accurate accounting of all marital debts and assets
- Whether you want property that may be a financial burden, such as the marital home, or whether it will be in your best interests to sell it
- Your potential interest in your ex-spouse’s retirement plan, even if your ex is not retired or of retirement age
When considering the division of marital property, you want to be concerned about:
Contact Our Office
At the law office of Joanne E. Kleiner & Associates, we have protected the rights of men and women in and around Philadelphia for more than 25 years. Let us help you successfully resolve your family law problems. To schedule an appointment with an experienced Pennsylvania family law attorney, contact our office online or call us at 215-886-1266.