Providing For Your Financial Security After A Divorce
Your financial security following divorce may hinge, in large part, on your property settlement agreement during the divorce. Pennsylvania laws are clear that marital property and debt are subject to full valuation, with the goal of dividing the assets between spouses fairly. It is important to remember, however, that the word equitable does not necessarily mean a 50-50 split.
Call now for a consultation to get your questions answered about your property settlement. Call us at 717-836-0471.
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 or through the mediation process or other form of alternative dispute resolution. If the parties are unable to reach 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 considerations will include:
- The length of the marriage
- Prior marriages of either party
- The age, health, station, amount and sources of income, etc., of each party
- The contribution of one party to the education, training or increased earning ability of the other party
- The opportunity of each party to earn income and resources in the future
- The sources of income of both parties, including medical, retirement, insurance or other benefits
- The contribution or dissipation of each party with regard to acquiring, preserving, depreciating or appreciating the marital property
- The value of the property set apart to each other
- The standard of living of the parties established during the marriage
- The economic circumstances of each party at the time of division of the marital property
- The federal, state and local tax ramifications associated with each asset to be divided
- The expense of sale, transfer or liquidation associated with a particular asset
- Whether each party will be serving as a custodial parent of any dependent minor children
Marital Assets And Personal Assets
With few exceptions, Pennsylvania courts consider property or assets accumulated over the duration of the marriage to be marital assets and subject to the laws of equitable distribution. Assets owned individually by either party prior to 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 taken into consideration as a whole, rather than looking at each asset or debt individually. Therefore, when distributing the marital estate, we will also look into the tax implications of dividing one asset rather than another to ensure an equitable distribution.
You Deserve To Have Your Marital Property Questions Answered By An Experienced Equitable Distribution Lawyer
Our attorneys will answer your questions regarding marital property. From our offices in Camp Hill, we represent clients in Harrisburg and communities throughout Cumberland County, Dauphin County and York County. Call us at 717-836-0471 or use our convenient email contact form to arrange a consultation.