One of the most difficult aspects of a divorce is deciding how marital property is divided. Fortunately for divorcing couples in Pennsylvania, the laws concerning the division of property are there to guide any disputes that arise. In the state, an equitable division system is used.
What Does Equitable Division Mean?
An equitable division system focuses on dividing marital property in a way that is fair to both parties. The court will review a range of factors, including each person's contribution to the accumulation of the property, and determine the fairest way to divide it. It is important to note that a fair division of the property does not necessarily mean that both parties receive property that has the same economic value.
Are All Assets Considered?
In Pennsylvania, there are two types of property considered in property division - marital property and separate property.
Only marital assets are considered when determining the division of property. Marital assets can include:
Property acquired during the marriage
Proceeds from a business established during the marriage, or before the marriage if both spouses contributed to the success of the business.
Income from either spouse
Any assets that are owned before the marriage are considered separate property. Separate property can also include a gift or inheritance that a spouse received before or during the marriage.
However, in certain cases, separate property can turn into marital property. Any assets that are generated during the marriage from property that was owned before the marriage is fair game. For instance, if you owned a business before marriage, any profits from the business that were made during the length of the marriage could become part of the marital estate.
A Clarks Summit Divorce Lawyer Can Help
Working with a law firm, such as O'Malley Law Office can help ensure that the division of property from your divorce is equitable. Our divorce attorneys can help educate you on the factors that can influence what is considered a fair division and provide the representation you need in negotiations with your spouse.
Contact O’Malley Law Office today at (570) 391-0866 if you need legal representation during your divorce.