Property in a Divorce
In a divorce case in Pennsylvania, the Court is called upon to equitably divide all marital property. This is a two-step process.
The Court must first determine what marital property is, and then how to equitably divide the same.
What is Marital Property?
Marital property is property that is obtained during the marriage except by way of gift or inheritance.
Generally speaking, the Court is not concerned with who is on the title to the property but rather whether it was earned during the marriage. For this reason, a retirement account solely in the name of husband, can be considered marital property if it was earned during the marriage.
At David K. Lucas & Associates, we help families through the equitable distribution. When you need help with divorce, child custody, support, and other domestic relations matters, call us at 800-836-3980 or use our easy-to-complete contact form.
How are Marital Assets Divided?
Once the Court determines the marital property, factors considered in determining an equitable division of the same are:
- The length of the marriage.
- Any prior marriage of either party.
- The age, health, station, amount and sources of income, vocational skills, employability, estate, liabilities and needs of each of the parties.
- The contribution by one party to the education, training, or increased earning power of the other party.
- The opportunity of each party for future acquisitions of capital assets and income.
- The sources of income of both parties, including, but not limited to, medical, retirement, insurance or other benefits.
- The contribution or dissipation of each party in the acquisition, preservation, depreciation or appreciation of the marital property, including the contribution of a party as homemaker.
- The value of the property set apart to each party.
- The standard of living of the parties established during the marriage.
- The economic circumstances of each party at the time the division of property is to become effective.
- The Federal, State and local tax ramifications associated with each asset to be divided, distributed or assigned, which ramifications need not be immediate and certain.
- The expense of sale, transfer, or liquidation associated with a particular asset, which expense need not be immediate and certain.
- Whether the party will be serving as the custodian of any dependent minor children.
One factor that you will see missing from consideration is that of marital misconduct.
The Pennsylvania State Legislature has made it clear that Courts are not permitted to consider whether either party is guilty of marital misconduct in deciding how to divide the marital assets.
If you are interested in scheduling an appointment to discuss equitable distribution in a divorce case please contact our office at 724-836-3300 or complete our easy-to-use contact form today.