Your financial security after divorce may hinge, in large part, on the property settlement agreement reached during the divorce. Pennsylvania law is clear that marital property and debt are subject to full valuation, allowing for the equitable division of assets between spouses. It is essential to remember, however, that the word ‘equitable’ does not necessarily imply a 50-50 split.
How Pennsylvania Courts Divide Property in Divorce
If the equitable distribution of your marital property is a concern in your pending divorce, make sure your lawyer understands the valuation process and how the courts may resolve disputes regarding the definition, valuation, and distribution of marital property. At Tanner Law Offices, LLC, in Camp Hill, our attorneys bring years of experience to every client they represent in divorce.
“False promises about getting everything you want in your divorce settlement won’t benefit anyone. The law protects both parties. I will give you a clear picture of your circumstances. It’s the only way you can make informed decisions about the property and assets you know are important for your future.” Attorney Tabetha Tanner
When Does a Divorce Master Get Involved?
Courts expect attorneys for divorcing spouses to work hard to resolve property disputes out of court, if possible. Property settlements can be reached through skillful negotiations, through the mediation process, or through other forms of alternative dispute resolution. If the parties are unable to get a mutual agreement on their own, however, the courts may appoint a divorce master to recommend a resolution regarding valuation and division. The divorce master will base the recommendation on what he or she deems equitable under the individual circumstances of our case.
Factors taken into consideration will include:
- The duration of the marriage
- Any prior marriages of either spouse
- Each party’s age, health, social standing, income level, and sources of income
- Contributions made by one spouse to the education, training, or increased earning capacity of the other
- Future earning potential and access to resources for both parties
- Available income sources, such as medical, retirement, insurance, or other benefits
- Efforts by each spouse to acquire, preserve, or enhance marital property, or instances of waste or depreciation
- The value of any property separately owned by each spouse
- Lifestyle and standard of living are maintained during the marriage
- Current financial circumstances of each party at the time of property division
- Tax consequences at the federal, state, and local levels related to specific assets
- Sale, transfer, or liquidation costs tied to dividing specific property
- Whether one party will serve as the custodial parent of dependent minor children
Marital and Personal Assets
With few exceptions, Pennsylvania courts consider property or assets accumulated during the marriage to be marital assets and subject to the laws of equitable distribution. Assets owned individually by either party before the marriage may be determined to be nonmarital property, as long as they were not commingled with marital property. Any earnings, interest, or increase in the value of personal assets during the course of the marriage may be considered marital property.
In determining the distribution of the marital estate, the assets and debts are considered as a whole, rather than examining each asset or debt individually. Therefore, when distributing the marital estate, we will also consider the tax implications of dividing one asset over another to ensure an equitable distribution.
Experienced Equitable Distribution Lawyers
Our attorneys will answer your questions regarding marital property. From our offices in Camp Hill, we represent clients in Harrisburg and communities throughout Cumberland, Dauphin, and York Counties. Call 717-731-8114 or contact us online to arrange a consultation.