Divorce is often contentious, and one of the most commonly-disputed divorce issues is property distribution. Often, a property division agreement must be determined by a judge.
Many spouses do not realize just how much may be at stake in their divorce. It is imperative that you hire competent Pennsylvania divorce lawyers who can fight for your best interests at every turn.
The Commonwealth of Pennsylvania recognizes two types of property: marital property and separate property.
Marital property is loosely defined as all property acquired during a marriage. Marital property is the only type of property that will be divided between spouses in a divorce. Property that is commonly considered marital property can include jointly-held bank accounts, retirement assets, real estate properties, vehicles, and more.
Separate property includes assets acquired by either spouse prior to the marriage or separate from the marriage, such as a gift from a friend.
Pennsylvania divides marital property between spouses through a process known as equitable distribution. Essentially, with equitable distribution, a judge will determine what he or she considers to be a fair and just distribution of assets. In most cases, this is not a 50/50 split of assets.
Some of the most common factors that may be considered when distributing marital property in Pennsylvania are the following:
The property distribution lawyer you choose to represent you is paramount. Speak with a Berman Voss attorney about representing your interests.