The Complexities Of Marital Property Division

Getting divorce does not only mean the end of a marriage, it also means the beginning of a new life for you and your family. One major step in entering this new chapter is dividing the assets you acquired during your marriage. In Pennsylvania, you need to be sure that your lawyer has a complete understanding of what marital property is and how to divide it if you are looking to keep your fair share in your divorce.

At the Wexford Schaffranek & Foster, we are committed to guiding you through the intricacies of property division. Our attorneys believe in providing our clients with the personalized and dedicated representation they deserve through every step of their divorce. We are ready to help you overcome the challenges of your property division to pursue a fair outcome through the equitable distribution process.

Understanding Equitable Distribution

Pennsylvania courtrooms use the process of “equitable distribution” to divide marital assets (the possessions and money either spouse earned during the course of their marriage). This process does not divide assets in a 50/50 split but instead seeks to split the assets in a way that is fair for everyone. Depending on factors like the length of the marriage, contributions to marital property, and future financial circumstances of each spouse, one spouse may receive more in the divorce than the other.

Whether you are concerned about who keeps the family home, how retirement accounts are divided, or the responsibility for credit card debts, we are on your side. We are here to answer your questions, explain your options, and defend your best interests throughout your entire divorce. Our attorneys work tirelessly to ensure the division of property is handled with the care and attention to detail you deserve.

Property Division Legal Definitions And Key Terms

Navigating property division begins with understanding key legal terms that influence the process. These definitions provide clarity and set the foundation for equitable resolutions in your divorce.

• Marital property: Assets and debts acquired during the marriage, including income, real estate, vehicles and retirement accounts, regardless of ownership or title.
• Separate property: Assets and debts owned solely by one spouse, such as property acquired before the marriage or inheritances and gifts received individually. Unless commingled with marital property, these items typically remain with the original owner.
• Equitable distribution: The process used in Pennsylvania to divide marital property based on fairness rather than an equal split. Factors such as the length of the marriage, contributions to marital property and each spouse’s financial outlook influence the division.

Understanding these terms equips you to protect your rights, providing for a fair distribution that considers your contributions and future needs.

Steps In The Property Division Process

The property division process in Pennsylvania can feel complex, but breaking it down into clear steps provides a road map for what to expect. Each phase is designed to achieve an equitable division of assets and debts.

• Identifying property: Spouses create a comprehensive list of all assets and liabilities, including real estate, financial accounts and personal property, to make sure there is full transparency.
• Classifying property: Each asset and liability is designated as either marital or separate property, determining what is subject to division.
• Valuing assets: Accurate valuation is crucial to deliver fairness. Real estate may require appraisals, and financial accounts must be assessed for their current balances. High-value items like businesses or pensions may need skilled analysis to determine their worth.
• Negotiating a settlement: In many cases, spouses can work together with their attorneys or mediators to reach a mutually acceptable division. Negotiations help avoid costly and time-consuming court battles while providing more control over the outcome.
• Court intervention: If no agreement is reached, the court steps in to divide marital property based on equitable distribution principles. Judges assess factors like financial needs and contributions to the marriage when making their decisions.
• Finalizing the division: The agreed-upon or court-ordered property division is formalized in the divorce decree, and spouses complete transfers or settlements as required.

While each divorce is unique, following these steps helps ensure a fair division of marital property. Our firm is dedicated to guiding you through every phase, offering personalized support to secure your financial future.

Keep Your Fair Share

As you face the division of marital property, know that you do not have to do it alone. We are here to offer you the compassionate help you need. Reach out to us today to ensure your assets—and your future—are protected in your Pennsylvania divorce. Call us at 412-643-1733 or email us here to schedule your initial consultation with our lawyers today.