Clarks Summit Property Division Lawyers
Guiding You through Your Divorce
If you are going through a divorce, you will need to face dividing property and assets. This may include bank accounts, real estate, motor vehicles, recreational vehicles, furniture, personal property, and investment or retirement accounts. Depending on the type of property and the amount of assets, property division can be highly complex. It can directly influence your living situation now and well into the future, particularly when dealing with bank accounts and the family home.
This is where a Clarks Summit divorce lawyer can provide valuable insight and legal counsel to protect your financial interests. Confusion can easily arise, and spouses previously on friendly terms may find themselves facing heated debates regarding how to divide property. With a knowledgeable attorney by your side, you will have taken the first step to protecting your right to marital property.
Call (570) 391-0866 to learn more about property division and how it may affect your divorce or separation.
Property & Asset Division in a Divorce
In Pennsylvania, there are two types of property to consider when it comes to a divorce:
Separate property, which may include:
- Property acquired or purchased prior to the marriage;
- Property acquired by gift or inheritance before or during the marriage; and
- Profits from a business established prior to the marriage, if the business did not benefit from the other spouse’s involvement or contributions.
Marital property, which may include:
- Property acquired or purchased during the marriage; and
- Proceeds from a business established during the marriage, or before the marriage if both spouses contributed to the business’s success.
Only marital property is subject to division in a Pennsylvania divorce.
For insight related to your divorce and property, call a Clarks Summit divorce attorney at O’Malley Law Office, LLC. We will be happy to answer your questions and address your concerns during a free consultation.