Equitable Distribution: Helping To Make Sure You Are Treated Fairly When Dividing Marital Property
When parties to a divorce in Pennsylvania cannot agree on how marital property is to be divided, that decision is submitted to the court or a special master.
What Are My Options When Dividing Property And Assets Through Equitable Distribution?
Generally speaking, marital property includes all property acquired by either party during the marriage and increases in the value of property owned by the parties prior to marriage.
Often, marital property includes the marital home, bank accounts, vehicles, retirement accounts, stocks, bonds, furniture, family businesses and other valuables. Marital property is subject to distribution by the court based upon application of the following statutory factors:
- 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 party
- 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 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, including federal, state and local tax ramifications, at the time the division of property is to become effective
- Whether the party will be serving as the custodian of any dependent minor children
At Goodwin Como, P.C., we will help you understand divorce laws and how they apply to your situation and will look for creative solutions to help you hold onto what’s important to you.
Protect Your Property And Assets By Working With Our Experienced Lawyers
If you are contemplating divorce or your spouse has already filed for divorce, contact our attorneys, Amanda M. Como and Benjamin F. Goodwin, at our Uniontown law office for a free consultation concerning your rights at 724-438-1616. You can also reach out to us via email by filling out our online contact form.