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In Pennsylvania, the division of property between spouses in a divorce is known as equitable distribution. In deciding what a spouse is likely to retain in equitable distribution, it is important to note what is marital property, or property acquired while the parties were married, and what is non-marital property.
Marital property can include pensions, 401Ks, retirement plans, bank accounts, stocks, bonds, business assets, real property, cars, personal effects and gifts, and other wealth instruments. In many cases, a party may not be aware of exactly what financial assets his or her spouse has. Under the statute set forth at 23 P.C.S. §3502 governing equitable distribution in Pennsylvania, the following are the criteria to be considered by the court in deciding which spouse will get what assets:
• Length of marriage
• Any prior marriage of either party
• Age, health, station, and sources of income, vocational skills,
employability, estate, liability and needs of each of the parties
• Contributions by one party to the education, training, or increased
earning power of the other party
• Opportunity of each party for future acquisitions of capital
assets and income
• Contribution or dissipation of each party in the preservation,
depreciation or appreciation of the marital property, including the
contribution of a party as homemaker
• Value of property
• Standard of living parties established during the marriage
• Economic circumstances of each party
• Whether the party will be servings as the custodian of any minor
The Law Office of Marcia Binder Ibrahim, LLC encourages its clients to come to an amicable agreement about how to divide marital property, also called a Property Settlement Agreement. If matters are settled in this manner, it will be possible for the entire divorce to be resolved without ever going to court. However, this is not always possible. We can represent you in the most acrimonious or friendliest disputes between you and your spouse.
Our attorneys have the experience and skill to make sure your interests are represented during any property settlement dispute. Even if you are concerned about any hidden financial information, we will discover all assets the other party has to make sure they are accounted for during property division. Contact us today to discuss division of property in divorce. For more information, please see our pages on divorce and spousal support and alimony or read our
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Contact us today to consult with us about handling your divorce.