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Asset Division & Distribution Attorney
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One of the more complicated pieces of divorce is determining how to divide and distribute the assets accumulated during the marriage. When dividing assets after a divorce, there is no hard and fast formula that applies to every situation. More often than not, the division of the house, money, retirement accounts, savings accounts and other possessions is determined by an agreement reached with you and your spouse.
PA is an Equitable Distribution State
Pennsylvania is an equitable distribution state and not a community property state, which means marital property and debts are divided at the court’s discretion as it sees fair. This doesn’t mean property and debts will be divided equally, however, the goal is still to establish an equitable distribution of property.
While marital misconduct isn’t considered during the process, PA courts may use information like the length of the marriage, age, health, income, tax implications, non-marital assets, prenuptial agreements, and more when determining equitable distribution.
Marital Assets & Non-Marital Assets
Asset distribution is done only for marital assets, but not non-marital assets. Non-marital assets, or separate assets, are omitted from the process. This includes any assets or property excluded by a prenuptial agreement, property brought into and kept separate during the marriage. There are multiple types of non-marital assets that can be excluded. If non-marital assets are used in a common purchase they will often be included as marital property. Also, if non-marital property increases in value during the marriage, that increase could be considered as marital property.
If needed, we can utilize experts in a wide range of fields including accounting, financial advisors, real estate and business valuations to assist clients in resolving their complex cases. We can assist you in achieving the best outcome for your case.
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